The nation's chief treasurer expects lawmakers will bridge the impasse over
And that President Bush's private accounts will part of the solution.
Bush's effort to ensure the long-term solvency of Social Security, which experts expect to begin paying out more in benefits than it receives in contributions in 2017, includes a proposal that would divert upwards of 4% of the 12.4% payroll tax into private accounts, which would be a mix of stock, bond and mutual funds.
But, according to Dow Jones,
"We're going to continue to press hard for savings," said Snow, a Bush appointee and former chairman and CEO of railroad giant
He added that there is "a growing recognition" among lawmakers that improving personal savings is an important element of Social Security reform.
Snow, who once served as chairman of the influential
Pozen, a longtime Democrat, isn't a fan of Bush's private accounts, although a watered-down form of it is one supplemental option to his progressive indexing formula. The formula preserves the current, inflation-based method for calculating Social Security benefits for workers earning less than $25,000 annually and applies a consumer-pricing index to figure benefits for those people earning more than $113,000 annually. Middle-income workers get a mix of both calculation indexes.