Nelson has backed Social Security accounts (but as ADD-ONS)

[papau]

http://www.omaha.com/index.php?u_pg=54&u_sid=1327500

Nelson has backed Social Security accounts

BY JAKE THOMPSON



WORLD-HERALD BUREAU

WASHINGTON - Sen. Ben Nelson, D-Neb., long ago embraced personal savings accounts in the Social Security system, just not the way President Bush will talk about them today in Omaha.

As far back as his first Senate campaign, in 1996, Nelson promoted an idea he called "Social Security plus," said David DiMartino, spokesman for the Nebraska Democrat.

Nelson, who was elected to the Senate in 2000, still favors creating private savings accounts as an addition to the Social Security system. Bush's plan is viewed more as a partial replacement of the retirement program.

Nelson's idea would allow taxpayers to steer a portion of their income tax-free into retirement savings accounts resembling Individual Retirement Accounts.

This week, Sen. Ron Wyden of Oregon became the second Senate Democrat to support that idea, according to Bloomberg News. It's an alternative to what Bush is seeking, but closer to the president's plan than any proposed by other Senate Democrats. <SNIP>