Second Term Best for Social Security Reform

Shepler, Bob
June 2004
Financial Executive;Jun2004, Vol. 20 Issue 4, p62
Academic Journal
The article discusses the enormous burden of U.S. citizens in the future obligations of social security, noting that a president's second term holds the best opportunity for social security reform. The unfunded liability of the retiring Baby Boom generation will put great pressure on the system leading to cuts in promise benefits and increases in social security taxes. The author suggests that individuals be allowed to invest payroll taxes into personal accounts. Independent think tank The Cato Institute has proposed that individuals born after 1950 be able to divert the half of their payroll tax into private accounts in exchange for forgoing accrued Social Security benefits. President George W. Bush's social security proposals are mentioned.


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