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Breaking News: White House Backtracks on Social Security Plan

By Christy Harvey on March 2, 2005 at 4:06 pm

"Breaking News: White House Backtracks on Social Security Plan"


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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.

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