The Social Security Administration is tackling the impending depletion of benefits head-on through cautionary messages on its customer phone lines and Web site, but some think the agency has gone too far and is trying to advance President Bush's plans to partially privatize Social Security, CBSMartketWatch reports.

Sen. Frank Lautenberg (D-NJ) and the union that represents the agency's employees, the American Federation of Government Employees, contend the agency is merely using scaremongering. "These tactics exploit the public's trust in SSA, to convince the public that such reform must be necessary if SSA tells them it is," said Dana Duggins, a spokeswoman for the union. Lautenberg calls the messages "inappropriate political propaganda."

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.