Despite the ire from Democrats and moderate Republicans over President Bush's plan to privatize Social Security, Treasury Secrertary John Snow has embarked on a whistlestop tour to push his boss's plan for reforming the 70-year-old program. Over the past week Snow met with leaders of New York's financial sectors as well as with Florida's business community to stress the need to overhaul Social Security. "Social Security has been patched up in the past," Snow said. "We've raised taxes to take us through a few more generations of retirees. But the patches don't last because our demographics are working increasingly against us. We need lasting, meaningful reform.' Snow said in 2042, the Social Security system would be bankrupt and as a result, today's 30-year old can expect a 27 percent benefit cut from the current system when he/she reaches retirement age. "Without action, our children and grandchildren will be faced with huge benefit cuts or massive tax increases. This issue is important to all Americans, and it's important that we continue to work together to strengthen Social Security for our children and grandchildren."

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access