[State of the Union]Analysis: Bush Touches Upon 'Third Rail'

New York Daily News ^ | February 2, 2005 | RON FOURNIER

[The Loan Arranger]

WASHINGTON (AP) -- President Bush is drawing a long gray line through the baby boom generation, hoping to keep the oldest at bay and the youngest at his side as he pursues drastic changes to Social Security.

Gingerly touching the third rail of politics, Bush said in his State of the Union address, "I have a message for every American who is 55 years or older: Do not let anyone mislead you. For you, the Social Security system will not change."

But it will change dramatically for people under 55, if the president gets his way: Benefit cuts, increasing the retirement age and discouraging the early collection of retirement checks are all on the table.

While urging Congress to create private investment accounts for Social Security taxes, he told the under-55 set, "Your money will grow over time, at a greater rate than anything the current system can deliver." With that line, Republicans jumped to their feet and applauded while Democrats sat glumly in their seats.

Bush can't guarantee market-based private accounts will always yield better rates than the current program, but that might not matter to young and middle-aged Americans who have long assumed Social Security would sputter before they grew old.

[trebb]

I thought it was 66 for full benefits.

[dagnabit]

I loved her hair and her lipstick shade-but the face looked "broken" (yea)!!!!!!!!!!!!!!!!

[kevinm13]

This was one of the President's best speeches.

Hit all the key issues and told the RATS that there is political capital to use and it will be used. What a couple of losers -- Reid and Pelosi. wa wa cry me a river because you can't come up with any ideas but to oppose the President on everything he has proposed and actually accomplished.

For all those whiners on the left complaining about SS and the private accounts, think about the dopes who teach in California who contribute and benefit from CALPERS. Don't think any of them would be willing to take the principal and give back the interest to the government. That is what SS is doing right now. Private accounts are needed and should be embraced. And anybody who is depending on SS for all of their retirement needs better plan on living lean and cheap because you won't get much from SS for the rest of your retired lives. Take some initiative and save for your retirement!