Bush Names Social Security Commission

May 5, 2001

On Wednesday President Bush named a 14-member commission to study Social Security reform and report back in the autumn with recommendations for legislative action. The commission, chaired by former Senator Daniel Patrick Moynihan (D-NY) and AOL/Time Warner Chief Operating Officer Richard Parsons, is evenly split between Republicans and Democrats.

As expected, all of the members of the commission are open to the idea of incorporating personal retirement accounts into Social Security. As President Bush made clear in his budget address to Congress, the Commission has been asked to base their Social Security reform recommendations on six guiding principles:

• "Modernization must not change Social Security benefits for retirees or near-retirees."
• "The entire Social Security surplus must be dedicated only to Social Security."
• "Social Security payroll taxes must not be increased."
• "The government must not invest Social Security funds in the stock market."
• "Modernization must preserve Social Security's disability and survivors insurance programs."
• "Modernization must include individually controlled, voluntary personal retirement accounts, which will augment Social Security."

2002 Index | 2001 Index | 2000 Index | 1999 Index | 1998 Index