Breaking News: White House Backtracks on Social Security Plan

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.