Century Foundation Forum: 'Saving Social Security: A Balanced Approach'

3/8/2004

From: Christy Hicks of the Century Foundation, 212-452-7723, e-mail: hicks@tcf.org

News Advisory:

What: "Saving Social Security: A Balanced Approach," A Century Foundation Forum

When: Friday, March 12, 8:30-10:30 a.m.

Where: The Century Foundation, 41 East 70th Street, New York, N.Y.

Panelists:

-- Peter A. Diamond, institute professor, Massachusetts Institute of Technology

-- Peter R. Orszag, Joseph A. Pechman senior fellow in economic studies, The Brookings Institution; codirector, Tax Policy Center

-- Jack Lew, executive vice president, New York University; professor of public administration, NYU's Wagner School of Public Affairs

Moderator: Richard C. Leone, president, The Century Foundation

RSVP: Laurie Ahlrich, e-mail: ahlrich@tcf.org or 212-452-7722

Social Security is back in the news since Federal Reserve Chairman Alan Greenspan recently urged Congress to deal with the country's escalating budget deficit by cutting benefits for future Social Security retirees rather than raising taxes. He said that the current deficit situation, with a projected record red ink of $521 billion this year, would worsen dramatically once the baby boom generation starts becoming eligible for Social Security benefits in just four years. However, two prominent economists, Peter Diamond and Peter Orszag, authors of "Saving Social Security: A Balanced Approach," (Brookings Institution Press, 2004), have a better plan for preserving Social Security without imposing additional burdens on the rest of the budget. The authors and Jack Lew, former director of the OMB under President Clinton, will discuss the proposal, which balances benefit and revenue adjustments to restore long-term solvency and sustainability to the program while preserving its core social insurance role.

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The Century Foundation conducts public policy research and analyses of economic, social, and foreign policy issues, including inequality, retirement security, election reform, media studies, homeland security, and international affairs. The foundation produces books, reports, and other publications, convenes task forces and working groups, and operates seven informational Web sites. With offices in New York City and Washington, D.C., The Century Foundation is nonprofit and nonpartisan and was founded in 1919 by Edward A. Filene.