President Bush admits his private account plan will not do anything to save Social Security. The President has proposed allowing people to invest part of their Social Security withholding into the private accounts -- while at the same time talking about how Social Security is going broke. People tend to put those two ideas together and believe the private accounts plan is designed to save Social Security from bankruptcy.
The private accounts were never meant to do that.
The President told reporters during a White House news conference, "Personal accounts do not solve this issue."
What's more, the President refused to offer up details of his plan to shore up Social Security. He said he wants Congress to come up with ideas first. "I have not laid out a plan yet, intentionally. I stood up in front of the Congress and said, 'Bring your ideas forward.'" (USAToday)