For all of the backlash that President Bush's idea for including private accounts in Social Security reform has caused in recent months, it would seem the average American isn't sold on the proposal - unless, of course, you listen to folks inside the White House.
According to Washington Post columnist Al Kamen, who recently sat with White House Deputy Chief of Staff Karl Rove, everyday Americans are actually in favor of sending a portion of their Social Security tax into a mix of stock, bond and mutual funds.
"We've been probably to some degree too successful" in selling the idea of private accounts, Rove said, citing a recent poll that indicates that of the 40 percent of the people who think Bush is mishandling Social Security are in favor of private accounts.
Rove argues that Americans are probably more frustrated with the fact that the president hasn't made more headway in reforming Social Security than they are worried over whether private accounts will be too costly or leave their retirement money to the fickle winds of Wall Street, as key opponents like the AARP and AFL-CIO have claimed.
The money management industry, which could benefit from the fees charged on thousands of new private retirement accounts, has remained mum on the topic.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.