Bush Plans to Propose ……_资讯

bush plans to propose extensive changes in social security
washington, feb. 2 - president bush prepared to sketch a bold domestic and foreign agenda tonight in his state of the union address, which white house officials said would call for an extensive overhaul of social security and a $350 million aid package for palestinians.

　details of mr. bush's social security proposals were closely guarded in advance of his speech at 9 p.m. eastern time, but white house officials familiar with the text said the president would be more daring and specific than had been anticipated. big changes in the federal retirement system, including establishment of private investment accounts, have been near the top of mr. bush's second-term objectives.

　"one of americas most important institutions, a symbol of the trust between generations is also in need of wise and effective reform," mr. bush said in excerpts from his prepared speech that were released early by the white house. "social security on its current path, is headed toward bankruptcy. and so we must join together to strengthen and save social security."

　under current projections, social security is expected to start taking in less in payroll tax revenue than it pays out in benefits in 2018, and around 2042 it is expected to have exhausted the trust fund of government bonds in which previous surpluses have been invested. after that, the system is estimated to be able to pay only about three-quarters of the benefits promised under the current setup.

　acknowledging the political sensitivity of changing the system, a staple of american society since the new deal days, mr. bush said, "fixing social security permanently will require an open, candid review of the options." he promised to work with congress "to find the most effective combination of reforms."