Candidates' Social Security Plans Lack Details

by David Espo
Tuesday, October 21, 2008

Social Security's future: Obama would tax higher incomes more, McCain favors private accounts

Barack Obama wants to raise taxes on high-income workers to ease Social Security's looming cash crunch. John McCain favors voluntary private accounts for younger workers, saying they can't count on the same government benefits as today's retirees.

Beyond those generalities -- and a shared opposition to an increase in the retirement age -- the two presidential rivals are long on commitment and short on specifics when it comes to the government's huge retirement income program.