Last updated on: 4/27/2010 | Author: ProCon.org

Project on Social Security Choice Biography

Position:
Pro to the question "Should Social Security Be Privatized?"
Reasoning:

“Social Security is already $12.8 trillion in debt. By switching to a personal retirement account system and taking advantage of compound asset growth we will be able to reduce that debt. Social Security’s costs are already there…

By switching to personally invested retirement accounts we can move some of those costs forward and reduce Social Security’s debt and bring the system back into solvency. Tough decisions must be made about where to get the money to move those costs forward and pay them now so that we are not paying more later. While paying those costs now may seem expensive, it is much less expensive than continuing with the current system.”

“FAQ on Social Security,” socialsecurity.org (accessed Apr. 23, 2010)

Theoretical Expertise Ranking:
Organizations/VIPS/Others
Individuals and organizations that do not fit into the other star categories.
Description:

“On August 14, 1995, the Cato Institute launched its Project on Social Security Choice, the largest undertaking in the organization’s history. The objective of the project is to formulate a viable blueprint allowing individuals the opportunity of owning their own retirement account. The project publishes books, studies, and articles and holds conferences. The Cato Institute’s experts examine the problems facing the current system, the methods that can be used to move towards a system of personal retirement accounts, and the effects that a new system would have on workers.”

“About the Project on Social Security Choice,” socialsecurity.org (accessed Apr. 23, 2010)

Mission:

“Cato’s Social Security work is a perfect example of fulfilling our pioneering mission: to identify vital public policy problems and provide unique solutions.”

“Press Room,” socialsecurity.org (accessed Apr. 23, 2010)

Other:
Project of the Cato Institute
Contact Info:
Phone
202-842-0200
Email
SocialSecurity@cato.org
Website
cato.org/research/social-security
Quoted in:
Pro & Con Quotes: Should Social Security Be Privatized?