That commission expanded the plan to cover federal employees and instituted a gradual retirement age increase from 65 to 67. Social Security is expected to start paying out more than it collects by 2016 because of an influx of baby boom retirees. The fund will run out of cash after 2038. Bush has proposed shoring up the program by letting younger workers voluntarily invest some of their payroll taxes in private accounts, arguing that the stock market will provide a much greater return over time. AARP condemned Bush's plan and the commission.
Opponents point to recent stock market volatility as a reason against such accounts.
They also say the private accounts would drain too much money from the program. The Daily Camera. All rights reserved. Any copying, redistribution, or retransmission of any of the contents of this service without the express written consent of The Daily Camera is expressly prohibited. Users of this site are subject to our User Agreement .