- Pro to the question "Should Social Security Be Privatized?"
“Social Security will be strengthened if modernized to include a system of voluntary personal accounts.
Retirement security will be increased through personal accounts because they would facilitate wealth creation for individual participants.
Strengthening Social Security to include personal accounts can add valuable protections for widows, divorced persons, low-income households and other Americans at risk of poverty in old age.
Personal accounts would permit individuals to seek a higher rate of return on their Social Security contributions, offering higher total expected benefits to individuals with accounts than those lacking them.
Partial advance funding of Social Security should be a goal of any effort to strengthen the system. Advance funding within Social Security can best be accomplished through personal accounts rather than direct government investment.
The Commission finds that the establishment of personal accounts is likely to lead to an increase in national saving.
The Commission believes that the establishment of personal accounts will improve incentives for labor force participation.”
“Strengthening Social Security and Creating Personal Wealth for All Americans,” US Government Printing Office website, Dec. 2001
“Executive Order 13210 [May 2, 2001] establishes the President’s Commission to Strengthen Social Security. The Commission will provide bipartisan recommendations to the President for modernizing and restoring fiscal soundness to the Social Security System according to the following principles: modernization must not change Social Security benefits for retirees or near retirees; the entire Social Security surplus must be dedicated to Social Security only; Social Security payroll taxes must not be increased; the Government must not invest Social Security funds in the stock market; modernization must preserve Social Security’s disability and survivors components; and modernization must include individually controlled, voluntary personal retirement accounts, which will augment the Social Security safety net…
The Commission will submit bipartisan recommendations to the President to modernize and restore fiscal soundness to the Social Security System…
The Commission will terminate 30 days after submitting its final report.
“Charter,” govinfo.library.unt.edu, May 1, 2001
- Presidential Commission
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- Pro & Con Quotes: Should Social Security Be Privatized?