Counting on a Pension?

President Bush could cut future promised retirement benefits for millions of workers by 6 percent, even with potential gains from private accounts.

Senior White House officials said in interviews that the president is looking at a dramatic overhaul of Social Security that would go much further than allowing private accounts because the system is rapidly going bankrupt.

The White House plans to portray Social Security as facing a potential $10 trillion shortfall in reserve funds for future decades that may require significant sacrifice from taxpayers.

Story