Social insecurity

More on Greenspan, from the NYT. (Registration probably required, but you know that.)

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More on those retirement accounts:

Under an approach similar to one Mr. Bush is advocating, retirement benefits wouldn't change at all for workers or retirees 55 and older, and wouldn't change very much for workers now in their 40s or early 50s. But for younger workers, particularly today's teenagers or those in their 20s who would spend their entire working lives under the new system, Social Security would be very different.

They would continue to pay 12.4% of their wages into Social Security, split evenly between employer and employee, but they could divert up to 4% into a private account. When upper-wage workers in this younger cohort retire in mid-century, 85% or more of their total Social Security benefits -- the traditional program plus what they draw from their private accounts -- would come from that private account.

-- from yesterday's Wall Street Journal (here, but it's a pay site so you probably can't get to it)

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Apparently the American public isn't really buying it either. (That's the WSJ again, but I think that link is a free one.)