The background and pro and con arguments were written by ProCon.org staff based upon input from the following footnotes (directly referenced) and sources (used for general research and not directly referenced):
Footnotes:
"Social Security Board of Trustees: Economic Downturn Leads to Worsening of Long-Range Financing Outlook," Social Security Administration website, May 12, 2009
"Projected Future Growth of the Older Population: By Age: 1900-2050," Administration on Aging website, July 16, 2009
"Current Social Security System Is Unsustainable in the Long Run," Social Security Administration website, Aug. 2009
[Editor's Note: When creating this website between Aug-Nov. 2009, ProCon.org cited a version of this report that had been cached by Google. At the time, the report was not directly available on the SSA website. We contacted the SSA to ask about the report and why it was cached and not available on the SSA website, and, after our call, the cached version had also been removed. As of Aug. 16, 2011, we remain unable to locate the report online although a statement about how SSA communications handled earlier versions of this report is available on the webpage of a member of the US House Committee on Oversight and Government Reform (http://democrats.oversight.house.gov/index.php?option=com_content&view=article&id=2253:ssa-altered-communications-to-undermine-confidence&catid=43:investigations) which we have made into a PDF.]
Orlo Nichols, Michael Clingman, Kyle Burkhalter, Alice Wade, and Chris Chaplain, "Actuarial Note: Internal Real Rates of Return Under the OASDI Program for Hypothetical Workers," Social Security Administration website, Apr. 2009
"President's Commission to Strengthen Social Security: Strengthening Social Security and Creating Personal Wealth for All Americans," US Government Printing Office website, Dec. 21, 2001
Libby Perl, "False Promise: How Social Security Privatization Would Sting Young Adults," Century Foundation website, Mar. 9, 2005
Aaron Bernstein, "Social Security: Are Private Accounts a Good Idea?," BusinessWeek.com, Jan. 24, 2005
"Media Advisory: Former Thrift Savings Plan Director to Talk with Reporters about Problems of Privatized Social Security," Campaign for America's Future website, Aug. 22, 2001
"Fast Facts & Figures about Social Security, 2009," Social Security Administration website, July 2009
"Press Office Fact Sheet: Social Security Basic Facts," Social Security Administration website, Aug. 5, 2009
"Report of the National Commission on Social Security Reform," Social Security Administration website, Jan. 1983
"Status of the Social Security and Medicare Programs: A Summary of the 2009 Annual Reports," Social Security Administration website, May 12, 2009
Kathleen Romig, "Social Security: What Would Happen if the Trust Funds Ran Out?," Congressional Research Service, aging.senat.gov, Apr. 25, 2008
"Preparing for the Silver Tsunami," Alliance for Aging Research website, Summer 2006
"Mid-Session Review: Budget of the U.S. Government," Office of Management and Budget website, 2009
"The 2009 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds," Social Security Administration website, 2009
"Prompt Passage of Economic Recovery Act Payment for 2010 Needed," News Release, Social Security website, Oct. 15, 2009
"Supreme Court Case: Flemming v. Nestor," Social Security website (accessed 11/24/2009)
Michael Tanner, "The Better Deal: Estimating Rates of Return under a System of Individual Accounts," Cato Institute website, Oct. 28, 2003
Sources:
"Annual Statistical Supplement, 2008," Social Security website, Mar. 2009
Greg Anrig and Bernard Wasow, "Twelve Reasons Why Privatizing Social Security Is a Bad Idea," Century Foundation website, Dec. 14, 2004
"Compilation of the Social Security Laws," www.ssa.gov, Jan. 1, 2009
Peter A. Diamond and Peter R. Orszag, "Reducing Benefits and Subsidizing Individual Accounts: An Analysis of the Plans Proposed by the President's Commission to Strengthen Social Security," Century Foundation website, June 2002
"In-Depth Research: Legislative History: Summary of P.L. 98-21, (H.R. 1900) Social Security Amendments of 1983-Signed on April 20, 1983," Social Security website, Nov. 26, 1984
Holman W. Jenkins, Jr., "Can Obama Make Government Solvent?" Wall Street Journal, Jan. 21, 2009
"Myths and Realities about Social Security and Privatization," National Committee to Preserve Social Security and Medicare website, Feb. 2008
"Policy Basics: Where Do Our Federal Tax Dollars Go?," Center on Budget and Policy Priorities website, Apr. 13, 2009
"Project on Social Security Choice: Quick Fact Archive," Cato Institute website (accessed Oct. 23, 2009)
"Public Hearing on Target Date Funds and Other Similar Investment Options," US Security and Exchanges Commission website, July 17, 2009
"Retirement Life: Everything You Ever Wanted to Know about Social Security's Future," www.afscme.org (accessed Nov. 6, 2009)
Charles E. Rounds, Jr. "Property Rights: The Hidden Issue of Social Security Reform," Cato Institute website, Apr. 19, 2000
"Social Security Reform: The Nature of the Problem," Issue Brief No. 1, US Treasury Department website, Sep. 24, 2007
"Social Security Reform: Work Incentives," Issue Brief No. 6, US Treasury Department website (accessed Nov. 11, 2009)
"SSA's Performance and Accountability Report for Fiscal Year (FY) 2008," Social Security Administration website, 2008
Kathleen S. Swendiman and Thomas J. Nicola, "Social Security Reform: Legal Analysis of Social Security Benefit Entitlement Issues," Congressional Research Service, aging.senat.gov, Jan. 31, 2008
Adair Turner, Jeannie Drake, and John Hills, "A New Pension Settlement for the Twenty-first Century," www.pensionscomission.org.uk, 2005
"U.S. Supreme Court: Flemming v. Nestor, 363 U.S. 603 (1960)," caselaw.lp.findlaw (accessed Oct. 22, 2009)
