Quote of note:

Bush said his commission, headed by Senator Patrick Moynihan of New York, a Democrat who died in 2003, provided ''a good blueprint." The commission had been asked to come up with a plan for establishing personal investment accounts.

Bush again eyes Social Security overhaul
By Leigh Strope, Associated Press | November 11, 2004

WASHINGTON -- Fresh off reelection, President Bush is dusting off an ambitious plan to overhaul Social Security, a controversial proposal that had been shelved because of politics and the administration's focus on tax cuts and terrorism.

Bush envisions a framework that would partially privatize Social Security with personal investment accounts similar to 401(k) plans.

A starting point is a plan proposed by a presidential commission in 2001 that would divert 2 percent of workers' payroll taxes into private accounts. The remaining 4.2 percent, and the Social Security taxes employers pay, would go into the system, helping fund benefits for current retirees. That leaves a shortfall of at least $2 trillion to continue funding benefits for current retirees.