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March 13, 2007

Ferrara opposes 'all options on the table'

Peter Ferrara of the Institute for Policy Innovation has a new publication titled Personal Accounts, Not Tax Increases, a 2-page paper that begins with some history of the advances toward personal ownership and ends with a prescription for "the only way to achieve personal accounts." In between, Ferrara argues that it has been a mistake to consider benefit cuts or tax increases as part of a reform package, as "it was including these options on the table that actually killed the campaign for personal accounts" in 2005.

Students for Saving Social Security asked Ferrara a couple questions about his publication, and you can read more of the exchange on the S4 Web site. Exclusive to this site is the following, which argues against the progressive price indexing of benefits:

"When I see organizations from Washington telling young people across the country that these organizations will save Social Security for them, and that young people should support Social Security reform, while these organizations are in Washington promoting tax increases on these young people, and Social Security benefit cuts for their future, it makes me ill.

"Here is an example. These organizations will go to young people and say if nothing is done by the time they retire there will only be enough Social Security money to pay 70% of promised benefits. Then in Washington these same organizations promote something called progressive price indexing, and how does it solve the problem? It cuts future promised benefits so that by the time today's young workers retire Social Security will only be obligated to pay them 70% of currently promised benefits. For young people, that is not the solution, that is the problem."

Posted by Ryan Lynch at March 13, 2007 5:01 PM | Print

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