Opponents hope to counter Bush's arguments that the current program faces financing problems that make it unsustainable and that allowing workers to invest some Social Security taxes in stocks and bonds will secure the system for younger workers. 

"This is a manageable problem," said Rep. Robert Matsui of California, the top Democrat on the House Ways and Means Social Security subcommittee. "He is trying to create a crisis." 

Matsui and other private account opponents say the shortfall is a more manageable $3.7 trillion over the next 75 years, the normal time span used to measure the system's financial health. Bush says Social Security faces an indefinite shortfall of about $11 trillion. 

Social Security faces increasing financial strains as the baby boom generation begins to retire. By 2018 the system will start to pay out more in benefits than it takes in from taxes. Between 2042 and 2052, the trust fund will be exhausted and taxes will cover about 72 percent of promised benefits. 

A number of groups opposed to restructuring Social Security, including advocates for the disabled, senior citizen groups and AFL-CIO unions, announced on Thursday they are forming a coalition to counter what is expected to be a major White House's push to promote private investment accounts. 

Roger Hickey, co-director of the liberal Campaign for America's Future, called it a "broad coalition of organizations, many of them representing millions and millions of people who are going to fight the president and defeat him on Social Security privatization. We think it is a bad idea and even shocking to many Republican legislators." 

WHITE HOUSE STRATEGY 

Bush used this week's White House-sponsored economic summit to talk about the proposal, saying it was part of his administration's overall plan to rein in record deficits. 

The White House strategy is to emphasize the financial problems posed to the system by the baby boom generation retirement before laying down the details of his plan. 

Opponents argue the administration's lack of detail about its proposal makes it hard for them to respond. Despite the lack of specifics, opponents say the proposal means deep cuts in guaranteed retirement benefits and that it will add to already bloated deficits. 

Bush has ruled out raising taxes. That leaves borrowing trillions of dollars and future benefit cuts to cover the cost of shifting taxes from the current program to individual accounts. 

Gerry Shea, a retirement policy expert with the AFL-CIO, said the federation of labor unions will be tapping into their state organizations to help mobilize a grass roots campaign that will involve town hall meetings and contacting 
lawmakers. 

Labor leaders say Social Security is a basic government program designed to help keep people from falling into poverty at retirement and it should not be exposed to the ups and downs of financial markets. 

"We shouldn't be putting more risk on people, we should be shoring up the basic system," Shea said. 

The nation's largest organization representing the elderly, the AARP, has already started its own vigorous campaign to battle private accounts. In a letter to its 35 million members, the group, which had been a powerful White House ally when it backed Bush's prescription drug plan for Medicare, said it opposed private accounts that take money out of Social Security. 

"This is the issue for us this year. The other side's out there with big bucks, and there's going to be a big fight," said Evelyn Morton, AARP's national coordinator for economic issues for federal affairs.