Mr. Bush has proposed salvaging the program by letting younger workers voluntarily invest some of their payroll taxes in private accounts. Supporters say the stock market will provide a much greater return over time. Mr. Bush forms his Social Security commission. CBS News Chief White House Correspondent John Roberts reports. Bush was quickly criticized by top Democrats for naming a panel they said was stacked with supporters of the private accounts, which they said present an unacceptable risk to retirement savings because of the volatile stock market.
Oil companies favor drilling in the refuge while environmentalists want to preserve it untouched.
House of Representatives Democratic leader Richard Gephardt of Missouri echoed Daschle's sentiments. If you just look at the last year of experience with the stock market, you know that that is a risky idea. Click here for the American Savings Education Council's worksheet to find out. But Bush said private accounts would help boost returns from the system, which he said will face increasing financial strains as baby boomers retire. Personal savings accounts will transform Social Security from a government IOU into personal property and real assets.