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Bush Renews His Call For Private Accounts In Social Security Fix To Cope With Retiree Ranks Fed's chief calls the idea an option as nation eyes ways to increase savings.(A)
Byline: SEAN HIGGINS
President Bush renewed his call for partial privatization of Social Security on Thursday, just after Federal Reserve Chairman Alan Greenspan gave the idea a slight nod before the same audience.
Both spoke at a three-day bipartisan conference on the future of Social Security. The Department of Labor sponsored the event.
"Because there will be an expanding number of retirees for Social Security to support in the future, we must apply the power of savings, investing and compound interest to the challenges of Social Security," Bush said.
"By introducing personal retirement accounts into the system, Americans would own these assets. They would see more retirement income. That's necessary as people live longer lives. And as importantly, they would be able to pass these accounts on to their children."
Greenspan was more tentative, saying private accounts should be looked at as an option -- in the context of raising national savings.
"We will need to consider whether Social Security should better align itself with the funding provisions of our private pension and annuity system," he said.
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