Revolutionary Social Security Reform Legislation Introduced July 14, Says IPI; Legislation Follows Plan Designed by IPI 7/12/2004
From: Sonia Hoffman of the Institute for Policy Innovation, 202-213-0379 or shoffman@ipi.org; Web: http://www.ipi.org News Advisory: Revolutionary Social Security Reform Legislation Introduced July 14: Legislation Closely Follows Plan Designed by the Institute for Policy Innovation WHAT: On July 14, the Social Security Personal Savings and Prosperity Act of 2004 will be introduced by lead sponsors Representative Paul Ryan in the House and Senator John Sununu in the Senate. The bill follows closely the proposal authored by the Institute for Policy Innovation (IPI) senior fellow Peter Ferrara, published by IPI last summer. As proposed in the IPI plan -- a plan scored by Social Security's Chief Actuary -- the bill provides for large, not small, personal accounts (average of 6 percent contributions) without cutting benefits or raising taxes. Apart from this personal account option, there would be no change in currently promised Social Security benefits of any sort, for today's seniors, or anyone in the future. Anyone who chooses to stay in Social Security would receive the benefits promised under current law The bill's reforms would ultimately provide for a dramatic increase in the personal prosperity of working people in America. It would be the most sweeping change in America's social and economic policy since the New Deal. WHO: -- Peter Ferrara, senior research fellow, Institute for Policy Innovation (IPI) author, "A Progressive Proposal for Private Social Security Accounts" -- Tom Giovanetti, president, Institute for Policy Innovation (IPI) WHEN: Available immediately to print, television, and radio mediums. CONTACT: Sonia Hoffman, shoffman@ipi.org or 202-213-0379 (cellular) --- The Institute for Policy Innovation is an independent public policy organization with offices in Washington, DC and in Dallas, Texas. For copies of the Social Security proposal, visit http://www.ipi.org. |