Bush Moves to Privatize Social Security
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Fresh off re-election, President Bush is dusting off an ambitious plan to overhaul Social Security, a controversial proposal that had been shelved because of politics and the administration's focus on tax cuts and terrorism.
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MAIN TOPIC: President Bush will offer new details about his plan to let younger workers divert some of their Social Security payroll taxes into personal investment accounts. Experts say while the president will seek to reassure Americans who are at or near retirement, he will leave larger questions unanswered.
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The US president says he plans far-reaching reforms to the Social Security system which funds pensions.
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President Bush launched his plan to  revamp Social Security with a push to convince the public and  Congress that it faces a crisis, even though supporters of the  government-run retirement program say he is exaggerating its  financial problems.
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President Bush challenged a hesitant Congress on Wednesday to "strengthen and save" Social Security, saying the nation's costliest social program was headed for bankruptcy unless changed. Bush's plan would cut guaranteed retirement benefits for younger Americans but would not affect checks for people now 55 and older.
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President Bush said on Thursday that addressing the long-term problems in Social Security would reassure the financial markets, offering a rationale to offset
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Fresh from a five-state tour promoting his plan to add private accounts to Social Security, President Bush pledged on Saturday to go beyond that proposal and push for an overhaul to make the retirement system permanently solvent.
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A leaked White House memo on Social  Security suggested on Thursday that President Bush may favor  cutting benefits for future retirees as part of a plan to  privatize the popular federal program.
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President Bush proposed the biggest  overhaul of Social Security since its 1935 creation on  Wednesday night in his State of the Union speech, and for the  first time said he would consider limiting future retirement  benefits as part of a solution.
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President Bush is barnstorming the country, trying to convince the public that Social Security needs an urgent overhaul and offering a solution even the White House acknowledges won't fix the retirement system's future financial problems.
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The challenge awaiting President Bush is to offer a plan for restoring the Social Security system to financial balance.
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&quot;THE CRISIS IS NOW,&quot; President Bush declared of Social Security at the economic conference called by the White House last week.
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Contending Americans have embraced his conservative agenda, President Bush pledged Thursday to aggressively pursue major changes in Social Security, the tax code and medical malpractice awards, working with Democrats if they are receptive and leaving them behind if they're not.
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What's behind the President's ideas for Social Security
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President Bush said Thursday the Social Security investment accounts he is proposing would have rules to prevent workers from gambling away their retirement money. He appealed for congressional action to shore up the system and said lawmakers supporting him wouldn't be risking their seats.
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President Bush on Thursday ruled out raising taxes to finance the centerpiece of his second-term domestic agenda: a Social Security overhaul to help the system survive an impending wave of retiring baby boomers.
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President Bush said he would begin work immediately on his proposal to overhaul Social Security.