The 4% Solution

The President has begun to spell out the details of his plan to let workers invest part of their Social Security taxes. How would it work for you?

George W. Bush prides himself on keeping his focus on the big picture. But when a challenge is as tall as transforming Social Security, the details can kill you. As the President warned last week in his State of the Union address that the system is "collapsing"—an assertion many experts dispute—the White House offered the first glimpse of his most radical proposal for changing it: allowing younger workers to invest part of their payroll taxes in private accounts.

The plan that was unveiled did nothing to change the political obstacles Bush faces in Washington. Republicans are still skeptical; Democrats are still...

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