« Club Key Votes "Stop the Raid" Amendment | Main | Making Retirement Security a Top 2008 Issue »
April 23, 2007
Social Security Trust Fund Still Doomed
Club For Growth Argues for Market-Based Reform
Washington – The Club for Growth reiterates its commitment to genuine market-based Social Security reform in light of the funding crisis projected by the Social Security Administration’s 2007 Trustee Report.
Released earlier today, the report predicts that Social Security costs will outstrip tax revenue coming into the “trust fund” by 2017. But, of course, the “trust fund” is not a fund in any meaningful sense of the word. Absent reform, by 2017, the government will be facing either a politically untenable benefit cut or, more likely, a huge tax increase.
“Social Security’s funding crisis isn’t going anywhere unless we do something about it,” Club for Growth President Pat Toomey said. “Today’s report only drives home the need for real market-based Social Security reform in the form of personal accounts. Not only will personal accounts go a long way to solving the fund’s insolvency problem, but, more importantly, they will also restore personal freedom and independence to America’s workers.”
“Some politicians refuse to embrace personal accounts because they mistakenly believe that the American people cannot make their own decisions about how to invest and save for retirement. It comes down to a basic lack of faith in the American people and an overabundance of faith in themselves. Throughout our history, Americans have always preferred more choice and freedom over less. Social Security is no different.”
Posted by Andrew Roth at April 23, 2007 5:55 PM | Print
Trackback Pings
TrackBack URL for this entry:
http://www.socialsecuritychoice.org/cgi-bin/mt/mt-tb.cgi/15308
Listed below are links to weblogs that reference Social Security Trust Fund Still Doomed:
» Medicare Trust Fund To Last A Year Longer from Unpartisan.com Political News and Blog Aggregator
The trust funds for Social Security and Medicare will last a year longer than previously estimated, [Read More]
Tracked on April 24, 2007 10:29 AM
» Space Systems/Loral Selected to Provide from ca carlsbad executive home
ViaSat has locations in Carlsbad, CA, and Duluth, GA, along with its Comsat Laboratories division in Germantown, MD. Additional field [Read More]
Tracked on January 14, 2008 11:19 AM