United Seniors Association, Others to Discuss Personal Social Security Accounts at National Press Club, June 13

6/10/2003

From: Charles Jarvis of the United Seniors Association, 703-359-6500 ext. 25; http://www.unitedseniors.org

News Advisory:

-- THE INSTITUTE FOR POLICY INNOVATION: Public Release of a Breakthrough Study; "A Progressive Proposal for Social Security Private Accounts" by Peter Ferrara

WHERE:

-- National Press Club, Edward Murrow Room

WHEN:

-- Friday, June 13 at 10 a.m.

Special Guests:

-- The Honorable Jack Kemp, co-director, Empower America

-- The Honorable Dorcas Hardy, former commissioner of Social Security

-- Steve Moore, president, Club for Growth

-- The Honorable Charles Jarvis, president, United Seniors Association

One of the most intense domestic policy battles will be over how to address the deepening crisis of Social Security. Are there new ways in which Democrats and Republicans can work together to create practical solutions for Social Security? Can Social Security be modernized safely and dependably with Seniors' support?

President Bush, former President Clinton, and scores of elected officials from both sides of the aisle have endorsed Social Security personal accounts owned by individuals. With every passing year, Social Security's looming crisis draws nearer. The solution to the crisis becomes more difficult. It's now time to jumpstart the movement toward Personal Social Security Accounts.

A new groundbreaking study from the Institute for Policy Innovation shows specifically how Democrats and Republicans can create a new wealth building movement in America. This Study describes how a substantial, progressive, personal account option for Social Security would provide a broad array of powerful benefits and advantages for working people across the board. Low-income workers, African-Americans, Hispanics, other minority groups, and women would receive particular advantages under this proposal.

This proposal calls for allowing workers to shift 5 percentage points of their payroll tax into a personal account owned by the worker, with the option doubled to 10 percentage points for the first $10,000 of wages.

This new research shows how such an option completely solves the long term financing crisis of Social Security without benefit cuts or higher taxes. It also shows how workers can create wealth safely. Indeed, the reform would ultimately provide higher benefits and lower taxes.

Reform like this will advance traditional, mainstream values in both the Democratic and Republican parties. Progressive Democrats should join President Bush in campaigning on such Social Security reform as the centerpiece of the domestic agenda next year. Senior Americans will support this proposal -- and they VOTE!