The price of reform
The week's news at a glance.
Washington, D.C.
President Bush shocked conservatives last week by saying that he would consider raising Social Security taxes on the wealthy to save the system. Bush has warned that Social Security will start losing money around 2018, as baby boomers retire and start collecting benefits. He has proposed letting young workers divert contributions into individual accounts, but critics have said the plan would cost billions. Bush said that taxing wages above $90,000 a year, which are now exempt, would be “on the table” as Congress debated a fix. House Speaker Dennis Hastert, though, predicted that Republicans would block any tax increase.
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‘The problem isn’t solved by simply swapping out the faces on screen’
Instant Opinion Opinion, comment and editorials of the day
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3 officers killed in Pennsylvania shooting
Speed Read Police did not share the identities of the officers or the slain suspect, nor the motive or the focus of the still-active investigation
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Fed cuts interest rates a quarter point
Speed Read ‘The cut suggests a broader shift toward concern about cracks forming in the job market’