US Senator Tom Coburn supports personal accounts for Social Security
Monday, February 21st 2005, 7:05 am
By: News On 6
PIEDMONT, Okla. (AP) -- US Senator Tom Coburn says he supports allowing workers to invest some of their Social Security taxes into interest-bearing private accounts or safe stocks.
The newly elected Republican from Muskogee says it's time to fix Social Security now. He says the system will be unable to pay out its promised benefits by 2042 as it is structured now.
Coburn says Congress should focus on talking about what's causing the problem so a proper solution can be found.
President Bush has advocated personal accounts for Social Security, plus a cut in guaranteed future benefits for workers under age 55.