The privatization of Social Security, high on President Bush's agenda this year, is not enough to address the program's looming shortfall, says House Ways and Means Committee Chairman Bill Thomas (R-Calif.). At a pre-inaugural forum sponsored by National Journal magazine on Tuesday, Thomas said the problem of funding the Social Security system would not go away by creating personal accounts, The Wall Street Journal reports.
Thomas indicated that changing or getting rid of payroll taxes altogether might offer a solution. He said the payroll-tax system was detrimental to lower-income workers and to long-term job creation. While offering little in the way of alternatives, Thomas merely said, "There are other ways."