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President Vows to Begin Work Now on Social Security

"President Bush said on Thursday he planned to start work immediately on reforming America's ailing Social Security retirement system and predicted a long slog ahead," the Associated Press reports.

Michael Tanner, director of Cato's Project on Social Security Choice, says: "The Democratic congressional leadership, which has ardently opposed Social Security reform, now faces a choice. Will they engage in a thoughtful debate over Social Security's problems and possible solutions or will they cling to the status quo and the failed scare tactics of the past? For Republicans, they must now decide whether they meant what they said when they promised to fix Social Security."

Tanner is the author of "The 6.2 Percent Solution: A Plan for Reforming Social Security." His plan would enable individuals to privately invest their half (6.2 percentage points) of their payroll tax through individual accounts. The remaining 6.2 percentage points of payroll taxes will be used to pay transition costs and to fund disability and survivors benefits.

Check out how this plan might effect you and find out what will happen if nothing is done.