Sen. Jack Reed Rails Against Bush's Social Security Scheme

For obvious reasons, the President has not mentioned this or other facts that are so critical to the Social Security trust fund. His privatization scheme requires cutting benefits by more than 40 percent, even for those who choose not to invest in privatized accounts.
Those choosing a private account could be hit with an additional ``privatization tax'' of 70 percent or more of the value of their account, which would be deducted from their Social Security benefits upon retirement.