As reported first in Drunk with Power, http://portland.indymedia.org/en/2004/11/302862.shtml the mob is making a new market bubble for wall street. Just yesterday NPR sowed the seeds. Now AP is on the move.
Bush Moves to Privatize Social Security
1 hour, 8 minutes ago White House - AP
By LEIGH STROPE, Associated Press Writer
WASHINGTON - Fresh from re-election, President Bush (news - web sites) is dusting off an ambitious proposal to overhaul Social Security (news - web sites), a controversial idea that had been shelved because of politics and the administration's focus on tax cuts and terrorism.
Bush envisions a framework that would partially privatize Social Security with personal investment accounts similar to 401(k) plans.
A starting point is a plan proposed by a presidential commission in 2001 that would divert 2 percent of workers' payroll taxes into private accounts. The remaining 4.2 percent — and the Social Security taxes employers pay — would go into the system, helping fund benefits for current retirees. That leaves a shortfall of at least $2 trillion to continue funding benefits for those current retirees.