House GOP Pivots to Social Security Privatization

Not content with killing Medicare, the House Republicans are now pushing the Bush plan for Social Security privatization

Rep. Pete Sessions (R-Texas) and other Republicans on Friday introduced a bill that would allow workers to immediately have 6.2 percent of their wages sent to a new account, taking it away from the contribution they are now required to make to Social Security. After 15 years, the employer's matching 6.2 percent payment could also be made to the new account.

Sessions said this transition away from Social Security is needed because the Social Security Trust Fund last year paid out more in benefits than the revenue it took in. Sessions said not giving workers the option of a private retirement savings option could put the retirement plans of millions at risk.