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Bush Touts Social Security Reform in Weekly Radio Address
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President Bush repeats warning that system will soon run short of
money







George W. Bush President Bush has again urged Congress to approve his
plan for adding private investment accounts to the national retirement
system known as Social Security.

In Saturday's weekly radio address, Mr. Bush repeated his warning that
the system will soon run short of money because the amount collected
in taxes is far less than the money needed to pay benefits. He
stressed that if Congress does not act, the government could be forced
to dramatically increase taxes, borrow money or reduce Social Security
benefits.

Under Mr. Bush's plan, younger workers would be able to divert some of
their Social Security taxes into private accounts that could be
invested in stocks or bonds.

Speaking for the opposition Democratic party, US Senator Charles
Schumer, of New York said the federal retirement program only needs
fine-tuning. He said Mr. Bush's plan will not fix the system's
long-term financial problems.

Some information for this report provided by AP and Reuters.


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