Wednesday, May 25, 2005

You Can't Make This Stuff Up ...

"(Democratic leaders) cited a statement released (May 19) by Robert C. Pozen, a Massachusetts investment company executive whose proposal for altering the way future Social Security benefits might be calculated has become a model for part of Bush's own plan. In the written statement, Pozen called on Bush to consider giving up the centerpiece of the his Social Security proposal — the individual investment accounts funded by payroll taxes, also called 'carve-out accounts.'

'Given the lack of bipartisan support for carve-out personal accounts, the president should not insist on carve-out accounts if the Democrats support an overall legislative package for Social Security reform that is otherwise satisfactory to him," Pozen said.

Senate Democratic Leader Harry Reid (D-NV) issued a statement lauding Pozen's comments, saying carve-out accounts would add to the federal debt while draining money from the Social Security system."

-- Los Angeles Times, May 20

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