Media Advisory
IPI Policy Report - # 176 Author: Sonia Hoffman on 09/02/2004
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Today’s Wall Street Journal Highlights IPI Social Security Personal Account Reform Plan
IPI Expert Peter Ferrara Available to Discuss Plan that Provides Personal Accounts without Raising Taxes or Cutting Benefits
IPI Expert Peter Ferrara Available to Discuss Plan that Provides Personal Accounts without Raising Taxes or Cutting Benefits
WHAT:
President Bush is expected to promote Social Security reform in tonight’s convention speech. A reform plan noted in today’s front-page article of the Wall Street Journal –a plan designed by Peter Ferrara of the Institute for Policy Innovation (IPI) – provides a way to solve all Social Security’s problems consistent with the President's stated principles of reform to include no tax increases and no benefit cuts.
The IPI plan has now been established by an official score by the Chief Actuary of Social Security to eliminate the long term deficits of Social Security without raising taxes or cutting benefits.
The IPI plan is also the basis of a bill introduced in Congress by Rep. Paul Ryan and Sen. John Sununu.
WHO:
IPI Social Security Expert and Senior Research Fellow Peter Ferrara
WHEN:
Available immediately to television, radio and print
CONTACT:
Sonia Hoffman, shoffman@ipi.org, (703) 912-5742, or (202) 213-0379 cell.According to Ferrara, “Because market returns are so much higher than what non-invested Social Security can pay, workers over the long run would get much higher benefits through personal accounts than SS now even promises, let alone what it can pay. Personal accounts would also allow taxes to be sharply reduced over the long run.
“Personal accounts offer a breakthrough gain in the personal prosperity of working people. The Chief Actuary's score estimates that after just the first 15 years after adoption of the Ryan-Sununu bill,
workers would have already accumulated $7 trillion in today's dollars in their accounts.”
The Institute for Policy Innovation (IPI) is a public policy think tank with offices in Washington, DC and Dallas, Texas.
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