- President of Social Security Works
- Con to the question "Should Social Security Be Privatized?"
“Social Security has much lower administrative costs than private insurance or retirement-savings plans. Even relatively low-cost options like target-date funds can have high fees… At base, individual accounts are expensive to maintain. They would be even more expensive if maintained for low-wage workers.
In contrast, Social Security covers virtually all workers and their families, and spends more than 99 cents of every dollar on benefits, not administration.
Social Security has other advantages. It pays benefits to spouses, including divorced spouses, and dependent children, not only at retirement, but also in the event of disability or death. Even highly paid workers who die or become disabled at age 30 would not have had time to save much. Many of those families would be destitute without Social Security. Its benefits are increased annually to offset inflation, so they don’t erode over time.
Social Security has stood the test of time. It is more universal, secure, fair and efficient than any privatized system that could be devised. To increase Americans’ economic security, we should build on its success. Social Security should be expanded, not cut and certainly not privatized.”
“Should Social Security Be Privatized?,” wsj.com, Mar. 27, 2017
- Involvement and Affiliations:
- President, Social Security Works
- Chair, Strengthen Social Security Coalition and Campaign
- Chair, Board of Directors, Pension Rights Center
- Member, Board of Directors, National Academy of Social Insurance
- Faculty Member, Harvard University’s Kennedy School of Government, 1983-1989
- Assistant to Alan Greenspan, Bipartisan Commission to develop the 1983 Social Security amendments, 1982
- Legislative Assistant to Senator John C. Danforth, 1977-1981
- Tax Lawyer, Covington & Burling, 1974-1977
- JD, University of Pennsylvania Law School
- AB, Harvard University
- None found
- Quoted in:
- Pro & Con Quotes: Should Social Security Be Privatized?