Marchant Meets with President Bush to Discuss Social Security

Marchant Meets with President Bush to Discuss Social Security
April 14, 2005

Washington, DC: Today Congressman Kenny Marchant met with President Bush in a closed-door session at the White House to discuss the future of Social Security. The meeting was attended by a handful of other members of Congress, along with Vice President Dick Cheney and Secretary of Treasury John Snow.

"The President is very receptive to all ideas on reforming Social Security," said Marchant. "At this point he wants to put as many options on the table as possible."

The President talked about the implementation of voluntary personal accounts as a way to save Social Security. This system would allow younger workers to put part of their payroll taxes in personal retirement accounts. The money would go into a conservative mix of stock and bond funds, which would allow workers the opportunity to receive higher benefits than the current system can afford to pay.

He also emphasized that Social Security is safe for today's seniors. Individuals currently receiving Social Security and those near retirement will see no benefit change. They will continue to receive the full benefits they have worked a lifetime to earn.

"Today the President set forth some broad principles, including voluntary personal accounts, to guide Social Security reform," said Marchant. "He made sure to say that Social Security is not a short-term issue for him; it is a major component of his second-term agenda.

"President Bush will continue to travel around the country and bring the message that our current Social Security system is in danger. If reform does not happen now the prospects are dire for the retirement security of future generations."

http://www.house.gov/apps/list/press/tx24_marchant/ssmeeting.html