January 8, 2008
Wall Street Journal Features Students for Saving Social Security
From the Wall Street Journal:"Founded in 2005 when Congress was debating President Bush's privatization plan, Students for Saving Social Security now works to put social-security reform back on the agenda in Washington.
"(...) When Sen. Hillary Clinton said last year that Social Security wasn't a priority, Evan Dent, the group's 24-year-old grass-roots and public-relations director, walked into the New York senator's New Hampshire headquarters in an ostrich suit to deliver an 'ostrich award,' a citation given to candidates who avoid the issue. In recent months, the group has adopted a new tactic: dropping in on campaign events in neon-green T-shirts that say, 'New Hampshire Cares About Social Security.' The goal is twofold, explains Ms. Dent. 'We want the voters to be educated on the issue, and we want the candidates to know that it's a very important issue that they need to fix,' she says."Get the full story here.
Posted by Ryan Lynch at 1:31 AM, January 8, 2008 | TrackBack (1) | Print
October 30, 2007
Baby Boomer + Social Security Cartoons
With the recent news of the first baby boomer dipping into Social Security retirement benefits, there have been tons of editorial cartoons illustrating this upcoming flood on the system. Daryl Cagle has compiled several of those cartoons in a special section of his website.Posted by Kerry Kerstetter at 5:03 PM, October 30, 2007 | TrackBack (0) | Print
September 19, 2007
Clinton Earns Secure Our Future's First Ostrich Award
Secure Our Future visited Senator Hillary Clinton's campaign office in New Hampshire last week to give her an award -- the Ostrich Award. Clinton earned the award by ruling out protected accounts and benefit cuts during a speech to AARP members. Taking these options off the table leaves Clinton with tax increases and doing nothing as her two remaining choices in dealing with the coming shortfall.
From our press release: "The Ostrich Award recognizes Presidential candidates who have their 'heads in the sand' and continue to ignore the problems facing Social Security, offering 'stick it to future generations' plans."
Go here to see a picture of the ostrich outside of Clinton's campaign office.Posted by Ryan Lynch at 10:41 PM, September 19, 2007 | TrackBack (0) | Print
August 13, 2007
S4 on C-SPAN: Social Security a 'Black Hole'
Washington, D.C. – In a Social Security panel held at the National Press Club Tuesday morning at 10 a.m. EDT and broadcast on C-SPAN, Patrick Wetherille of Students for Saving Social Security (S4) warns fellow students to think twice about contributing to our bankrupt retirement program:
“Many young people tend to write off Social Security as something that they know they must pay, but are not counting on in old age. But when you actually sit down and calculate that you will pay half a million dollars into a system that you have no faith in…Well, that’s quite a lot of money to simply send into a government black hole,” he remarks.
Wetherille is co-founder and chairman of S4, the largest youth organization dedicated to reforming Social Security. Hosted by the 60 Plus Association, Tuesday’s 11th annual forum also includes speakers Ryan Ellis of Americans for Tax Reform, Nancy Altman of the National Academy of Social Insurance and moderator Jim Martin of 60 Plus.Posted by Ryan Lynch at 6:27 PM, August 13, 2007 | TrackBack (1) | Print
July 27, 2007
Secure Our Future candidates site
Secure Our Future announced a new Web site today that includes original video interviews and research conducted by Students for Saving Social Security. From our press release:
Secure Our Future Announces 2008 Presidential Candidates Web Site
Senator Dodd admits: “Certainly, we have no ideas”
Washington, D.C. – Secure Our Future, a new organization dedicated to protecting the retirement security of younger generations, announced in a Capitol Hill press conference at noon today the launch of a Web site featuring original video interviews with 2008 presidential candidates.
The site includes a transcript from the July 23 Democratic YouTube/CNN debate in which Senator Dodd admitted in response to a question about Social Security reform, “Certainly, we have no ideas.” (See http://www.secureourfuture.org/election08dodd.php.)
U.S. Rep. Marsha Blackburn addressed nearly 100 young activists at the Rayburn House Office Building lunch event, which was co-sponsored by the Independent Women’s Forum, Leadership Institute and 60 Plus.
The 2008 presidential candidates Web site features original video interviews and research conducted by Students for Saving Social Security, a project of Secure Our Future. In addition to making clear the position of each candidate on Social Security reform, the site includes information about upcoming events, ways to get involved on campus and voter registration. To visit the site, go to http://www.secureourfuture.org/election08.
“Young people are looking for presidential candidates who will protect our retirement security,” says Jo Jensen, the executive director of Secure Our Future. “We deserve a clear plan for Social Security reform from every candidate, including Senator Dodd.”Posted by Ryan Lynch at 4:03 PM, July 27, 2007 | TrackBack (0) | Print
July 26, 2007
Current campaigns ignore SS reform issue
Dick Armey has a good opinion piece bemoaning the fact that none of the current crop of presidential candidates want to touch this "third rail" topic.Posted by Kerry Kerstetter at 10:40 PM, July 26, 2007 | TrackBack (0) | Print
June 22, 2007
Dangerous Financial Products
Don Boudreaux has provided us with another glimpse into his refreshing perspective on economics.
22 June 2007
Ms. Clara Perez
www.democracyjournal.orgDear Ms. Perez:
Thanks for your e-mail alerting me to Presidential-hopeful John Edwards's proposal to create "a regulatory commission to protect consumers from dangerous financial products."
If such a commission does its job, I suggest that the first dangerous financial product that it attacks be Social Security. Not only are Social Security's returns lousy; not only does the institution providing it have no sound plan to keep it solvent; not only does this institution intentionally mislead its clients about its insolvency (witness its discussions of the illusory "trust fund") - but its "customers" are forced to buy it. THAT is a dangerous financial product!
Sincerely,
Donald J. Boudreaux
Chairman, Department of Economics
George Mason University
Cafe Hayek BlogPosted by Andrew Roth at 9:06 AM, June 22, 2007 | TrackBack (5) | Print
June 11, 2007
Making Retirement Security a Top 2008 Issue
Students for Saving Social Security was up in New Hampshire last week making lots of news about Social Security reform. We got Romney and Giuliani to come out in favor of personal retirement accounts, and we got McCain to pledge that he will not raise taxes in finding a solution to the funding shortfall.You can watch the YouTube video of us with McCain here.
Other press includes a radio interview with "Meet the New Press," which is broadcast on WEMJ 1490 in New Hampshire, and this from the Milwaukee Journal Sentinel:
"A group called Students for Saving Social Security sent a woman in an ostrich costume to a McCain event Tuesday and a Giuliani event Wednesday. The group, which supports personal retirement accounts, says it's asking politicians to get their heads out of the sand on Social Security."
Keep an eye out for the S4 ostrich as we continue our efforts to make sure that the next president deals with Social Security!
Posted by Ryan Lynch at 1:57 PM, June 11, 2007 | TrackBack (1) | Print
April 23, 2007
Social Security Trust Fund Still Doomed
Social Security Fund Trust Fund Still Doomed
Club For Growth Argues for Market-Based ReformWashington – 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 5:55 PM, April 23, 2007 | TrackBack (2) | Print
March 21, 2007
Club Key Votes "Stop the Raid" Amendment
We issued this key vote alert to the Senate today.
KEY VOTE ALERT
"YES" on the "Stop the Raid" Amendment (#489)The Club for Growth plans to score a "YES" vote as a pro-economic growth vote in its annual rating of Congress on the DeMint Amendment (#489) to "Stop the Raid on Social Security", which is being offered on the FY08 Budget Resolution (S. Con. Res. 21) in the Senate.
Social Security's long-term unfunded liability is $4.6 trillion through 2080. Unless the program is reformed, either substantial benefit cuts with little warning to beneficiaries or job-killing tax increases will be the result.
If adopted, this amendment would demonstrate Congress is serious about finally beginning action on meaningful reform. While the amendment would not commit the Senate to any particular plan, it contains a workable framework for proceeding with modernization of Social Security so that it is fiscally sound for the future.
Our Congressional Scorecard for the 110th Congress provides a comprehensive rating of how well or how poorly each member of Congress supports pro-growth, free-market policies and will be distributed to our members and to the public.
Posted by Andrew Roth at 5:16 PM, March 21, 2007 | TrackBack (2) | Print
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 5:01 PM, March 13, 2007 | TrackBack (2) | Print
February 15, 2007
Count Us In!
If you haven't already heard, Students for Saving Social Security launched an online petition campaign to keep personal retirement accounts in the 2008 budget. President Bush's budget calls for the voluntary accounts to be phased in starting in 2012.The National Taxpayers Union, Independent Women's Forum, For Our Grandchildren, and a variety of other groups have already joined the effort. Visit CountUsIn.org and sign the petition for genuine reform through personal ownership.
Posted by Ryan Lynch at 5:24 PM, February 15, 2007 | TrackBack (2) | Print
February 3, 2007
Come together, right now
From the President's radio address this morning: "Controlling spending also requires us to address the unsustainable growth of entitlement programs such as Social Security, Medicare, and Medicaid. Spending for these programs is growing faster than inflation, faster than our economy, and faster than our ability to pay for it. Unless we act, we will saddle our children and grandchildren with tens of trillions of dollars of unfunded obligations. They will face three bad options: huge tax increases, huge budget deficits, or huge and immediate cuts in benefits. Republicans and Democrats need to come together to confront the challenge of entitlement spending and ensure that these vital programs are there when our children and grandchildren need them."Posted by Ryan Lynch at 5:29 PM, February 3, 2007 | TrackBack (4) | Print
February 1, 2007
President Bush on Social Security
The Wall Street Journal editorial board sat down with President Bush and discussed a number of issues, including Social Security. Excerpt:
WSJ: Can I ask about Social Security? You mentioned it in your speech. You also talked about low taxes being important to the strength of the economy. Would you accept an increase in the Social Security tax income cap from present levels in order to get a [reform] deal?
GWB: I want people to bring their best idea to the table, and I'm bringing my best idea, which is you don't have to raise taxes to solve Social Security.
Posted by Andrew Roth at 8:57 AM, February 1, 2007 | TrackBack (4) | Print
January 24, 2007
Entitlement reform 'our duty'
From the State of the Union address: "Social Security and Medicare and Medicaid are commitments of conscience -- and so it is our duty to keep them permanently sound. Yet we are failing in that duty -- and this failure will one day leave our children with three bad options: huge tax increases, huge deficits, or huge and immediate cuts in benefits. With enough good sense and good will, you and I can fix Medicare and Medicaid -- and save Social Security."Posted by Ryan Lynch at 1:52 PM, January 24, 2007 | TrackBack (0) | Print
January 19, 2007
Bernanke Gets Serious with Senate Budget Committee
Fed Chairman Ben Bernanke spoke again yesterday about the need for entitlement reform, though this time more forcefully. “The longer we wait, the more severe, the more draconian, the more difficult the adjustment is going to be," Bernanke warned. Read The New York Times article.Posted by Ryan Lynch at 9:57 AM, January 19, 2007 | TrackBack (52) | Print
January 18, 2007
Pence on Fox News
Congressman Mike Pence, elected with Club member support in 2000, was on the Fox News Channel earlier today to talk about tax hike rumors surrounding Social Security reform. The video quality is a little crummy, but it still works.
Posted by Andrew Roth at 6:13 PM, January 18, 2007 | TrackBack (0) | Print
January 13, 2007
Pence on Social Security Reform
Congressman Mike Pence, who was elected with Club member support back in 2000, has an op-ed ($) about Social Security reform in today's Wall Street Journal. He outlines three things that need to be done:
First, the administration needs to be clear that a Social Security compromise must reject tax increases of any kind. That means no increase in the payroll tax rate and no change in the cap apart from the current indexing that already increases eligible income on an annual basis. Tell the Democratic Congress to read your lips, Mr. President: no new taxes.
Second, Social Security reform must be properly understood. It is not about achieving solvency; it is about improving the system so that it offers a better deal for younger Americans through personal savings accounts. Focusing on solvency will lead inevitably to tax increases and benefit cuts. Focusing on personal retirement accounts improves the chance of enacting sound public policy that also makes the system solvent.
Third, the administration should submit a budget that fully protects the Social Security surplus from being used to subsidize government largesse, which Patrick Moynihan once described as "embezzlement." Voters have repeatedly said loudly and clearly that they object to raiding the Social Security surplus. It is time for the administration to either offer a budget aligned with those expectations, or propose cutting the payroll tax immediately to end the historic practice of over-collecting for a pay-as-you-go system. Doing both would quickly restore the public's shattered confidence in the way we spend their money.
This is wise advice. Let's hope the administration is listening.
(This has been cross-posted on the Club's blog.)
Posted by Andrew Roth at 2:58 PM, January 13, 2007 | TrackBack (3) | Print
January 10, 2007
John Gizzi vs. Tony Snow
Human Events columnist John Gizzi continues to press Tony Snow about the White House's refusal to take tax hikes off the table when talking about Social Security reform. Keep up the good work, Giz.Posted by Andrew Roth at 2:59 PM, January 10, 2007 | TrackBack (1) | Print
Paulson and Tax Hikes
Larry Kudlow received an interesting email from a senior Treasury official about Social Security reform. It's comforting in a mild way. (this is cross-posted on the Club's blog)Posted by Andrew Roth at 8:23 AM, January 10, 2007 | TrackBack (2) | Print