Steve Forbes Tells Bloomberg TV: Social Security Reform Details Needed

Steve Forbes Tells Bloomberg TV: Social Security Reform Details Needed

NEW YORK, June 16 /PRNewswire/ -- In a BLOOMBERG TELEVISION(R) interview today, Steve Forbes, Chief Executive of Forbes Inc. and former presidential candidate, said that President George W. Bush should provide specific details to win support for overhauling Social Security.

"It was a mistake by the White House not to put a specific reform proposal on the table," Forbes told Peter Cook of Bloomberg Television. "If they had done that, a lot of misconceptions, misunderstandings about Social Security would have been done away with," Forbes said.

Forbes told BLOOMBERG TELEVISION that the lack of specific details led to concerns by senior citizens that thought that they may lose their benefits. Change to the social security system is necessary for younger workers, Forbes said. "If he takes personal accounts for younger people off the table, then he might as well not put anything on the table. Raising social taxes -- that is a job killer. That makes the economy weaker," Forbes stated.

The interview can be seen on the Bloomberg Professional(R) service via AV < GO >. Additional stories on this topic are also available to Bloomberg users via the Bloomberg terminal.

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Bloomberg is the leading global provider of data, news and analytics. The BLOOMBERG PROFESSIONAL(R) service and Bloomberg's media services provide real-time and archived financial and market data, pricing, trading, news and communications tools in a single, integrated package to corporations, news organizations, financial and legal professionals and individuals around the world. Bloomberg's media services include BLOOMBERG NEWS(R), the global news service that includes more than 1,600 journalists in 127 bureaus worldwide; BLOOMBERG TELEVISION(R), the 24-hour business and financial network produced and distributed worldwide on 10 separate channels in seven languages; and BLOOMBERG RADIO(SM), which provides up-to-the-minute news on XM, Sirius and WorldSpace satellite radio around the world and on WBBR 1130AM in New York. In addition, BLOOMBERG PRESS(R) publishes books for investment professionals. For more information please visit http://www.bloomberg.com/.

Source: BLOOMBERG TELEVISION

CONTACT: Jeffrey Weir, Sloane & Company, +1-212-446-1892,
jweir@sloanepr.com, for BLOOMBERG TELEVISION

Web site: http://www.bloomberg.com/

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