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For Immediate Release
Office of the Press Secretary
January 11, 2005

Fact Sheet: Strengthening the Social Security System for Future Generations

Presidential Action

The President’s Vision for Social Security

The President will work with Congress to determine the best elements of the proposals that have been put forward, according to these principles:

Establishing personal accounts does not add to the total costs that Social Security faces. The obligation to pay Social Security benefits is already there. While personal accounts affect the timing of these costs, they do not add to the total amount obligated through Social Security. In fact, every plan scored by the Social Security Administration (SSA) that contains personal accounts would reduce the costs of permanently fixing the system.

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