The White House may finally be bowing to the wishes of the American public and moving away from its ill-advised push for privatizing social security. According to Congressional Quarterly:
Treasury Secretary John W. Snow indicated Wednesday that the White House would accept a Social Security overhaul that does not divert the program’s payroll taxes into personal retirement accounts, a major shift in the administration’s position.
Asked if there were any possibility that the administration would support so-called “add-on” accounts, with funding coming from sources other than the payroll tax, Snow stated:
“My preference would be for the sort of proposal we’ve put forward. On the other hand, we’re prepared to engage people.”
More as this develops.