President Bush on Wednesday tapped a Greenville Democrat to serve on his bipartisan commission to reform Social Security, which is threatened with bankruptcy in the next few decades as the number of retiring Americans grows. Proponents say those accounts would give investing Americans higher returns than what they get by paying into the system now.
Critics say the idea is risky, given the recent woes of the financial markets.
They also claim it takes money away from retirees who rely upon workers to pay into the system now. The idea is something Beard has advocated for years.