Senior Democrat faults Social Security overhaul

WASHINGTON -- President Bush's proposal to change Social Security by creating retirement investment accounts for younger workers would shatter the New Deal-era program and burden future generations with debt, a Michigan congressman said yesterday.

''This would have dire consequences, including major borrowing and massive benefit cuts," Representative Sandy Levin said in the Democratic Party's weekly radio address. ''It would mean the dismantling of Social Security as we know it." Bush and Vice President Dick Cheney have campaigned to build support for an overhaul, which includes the creation of private accounts for younger workers. At appearances around the nation, they have warned that with millions of baby boomers approaching retirement, Social Security will be jeopardized for future generations.

Levin, the senior Democrat on the House Ways and Means Social Security subcommittee, said his constituents have raised concerns about the changes. Those nearing retirement have ''doubts that diverting nearly $5 trillion over 20 years would not impact their Social Security."

Levin added that Democrats were ''ready and willing" to start work on a bipartisan plan.