San Antonio, Tex. - President Bush's plan to fix Social Security through the creation of individual accounts does not solve the problem and may make matters worse for some, according to Kenneth S. Apfel, the Sid Richardson Chair of Public Affairs at the University of Texas and former Commissioner of Social Security. Apfel discussed his analysis of the Bush plan at the Retirement Conference Series, sponsored by LIMRA, LOMA and the Society of Actuaries.
"[Bush's plan] clearly weakens the benefit system but doesn't resolve the problem," Apfel said. The problem is that the foundation of the system provides a base of guaranteed retirement income that constitutes a collective benefit, which is critical for lower income Americans.