Boomers face possible Social Security cuts with private accounts
A Congressional Research Service study warns baby boomers retiring in the next two decades could see Social Security benefits cut by 4.7 to 10.8 percent if payroll taxes are partly invested in private accounts. The report notes cuts, tax increases, or new income sources would be needed to keep the system solvent, while a Bush plan to privatize would worsen long term finances. A presidential commission meets to explore pension options, amid scrutiny over closed sessions and calls for public access.
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Center On Budget and Policy Priorities
Boom to bust for baby boomers retirement plans
The surge and subsequent Wall Street slide spurred baby boomers aged 47 to 55 to rethink early retirement. Confidence in having enough funds for a comfortable retirement declined as saving and planning faced scrutiny. A White House commission weighs private accounts and funding options to safeguard the system’s future.
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Wall Street
Tax cut, slumping economy wipe out surplus
The White House estimates fiscal 2001 surplus at 158 billion, just 1 billion above Social Security receipts, down 123 billion from April, with a small non Social Security surplus of 1 billion in 2002. The figures fuel Democratic claims that Bush's 1.35 trillion tax cut wastes the surplus while Republicans defend the plan as needed for growth and Social Security.
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Federal Reserve
Fed may cut rates again as easing cycle nears end
The Fed cut the federal funds rate by 0.25 points to 3.5 percent, prompting banks to lower their prime rate to 6.50 percent. Analysts foresee an eighth cut at Oct 2 but warn this may be the final move, while Wall Street sold off with the Dow down and techs leading declines. The market worries center on waning profitability prospects and an end to easing.
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