WHAT'S AHEAD FOR SOCIAL SECURITY.

Comments on President George W. Bush's plan for privatizing Social Security. Part of the plan which would divert part of workers' payroll taxes into individual investment accounts; How the system works today and the myth of the Social Security Trust Fund; Expected shortfall between income and payouts; Reasons for the shortfall; Private accounts which could do better than the current 2% annual return on investment; How the new system would work; Risks of the plan; Cost of the switch as the government has to find ways to pay current retirees while the income is transferred to private accounts which would add about $100-200 billion to the debt; Possible reduction in benefits; Other ideas for making the system more solvent.