Bush then plugged his proposal to partly privatize Social Security by allowing workers to set aside some of their payroll taxes in a personal savings account.

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Just as in Chile, for 30 years now they have paid much less into their personal account savings and investment system than required by Social Security, but receive much more in benefits.

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The bill empowers each worker age 50 and below with the freedom to choose a contribution to a personal savings and investment account equal roughly to half of the employee share of the Social Security payroll tax.

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In a weekly radio address on Aug. 14 of last year, President Obama taunted Republicans on the issue of a personal savings and investment account option for Social Security, which President Bush had campaigned on successfully in 2000 and 2004.

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Workers would be free to choose to pay some portion of their payroll taxes into their own personal savings, investment and insurance account instead.

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Workers can be allowed the freedom to choose a personal savings, investment and insurance account option as a substitute for at least part of their Social Security coverage.

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With personal accounts, such price-indexing was completely unnecessary, as workers over time would be replacing the promised wage-indexed benefits, which Social Security admittedly cannot finance, with the fully funded personal account benefits financed by real savings and investment.

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The worker would invest the personal account funds by choosing from a range of privately managed investment funds, just as with the Federal Thrift Savings Plan for federal employees, or the Social Security personal account system adopted 30 years ago in Chile that has operated with such great success for the workers of that nation.

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