GAO: Bush plan bad for Social Security

It's all in black and white:

WASHINGTON - (KRT) - Private investment accounts such as those President Bush endorses not only will not save Social Security, but they also could accelerate the retirement system's financial problems, a nonpartisan government official told Congress Wednesday.

The testimony by Comptroller General David Walker, head of the Government Accountability Office - a congressional watchdog agency - encouraged Democrats, who want Bush to drop his proposal for new personal accounts before they negotiate any plan to fix Social Security's long-term solvency shortfall.

But Walker also said that the impact that private accounts would have on Social Security would depend entirely on how they're funded and what other steps are taken - such as pension-benefit cuts or tax increases - to shore up the system's long-term solvency. The GAO chief also said that action is needed soon to address the system's solvency problem before it worsens.

"Social Security does not face an immediate crisis, but it does face a large and growing problem," Walker told the House Ways and Means Committee in its first hearing this year on problems facing the national pension system. (emphasis added)

Again, more good news for all Americans - that is, unless Democrats get in the mood to cut a compromise deal with Republicans. Why do it? We're right, and they're wrong, end of story. Would Republicans do the same in our position? You're damn right they wouldn't!