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What the New CBO Report Finds About Social Security “Grow Accounts”
September 21, 2005
On July 14, Rep. Jim McCrery (R-LA) and various other Republican members of the House of Representatives introduced H.R. 3304. This legislation, similar to a plan proposed by Senator Jim DeMint (R-SC), would establish Social Security private accounts, called “GROW accounts.” These accounts would receive … -
Policy Basics: Top Ten Facts on Social Security's 70th Anniversary
August 11, 2005
President Franklin Delano Roosevelt signed the Social Security Act on August 14, 1935, which established a basic compact between generations: younger workers would contribute payroll taxes, and retired workers would have a more secure retirement. Presidents from Dwight Eisenhower to Ronald Reagan have signed landmark Social … -
Private Accounts Would Substantially Increase Federal Debt and Interest Payments
Revised August 2, 2005
All of the major proposals to replace a portion of Social Security with private accounts would require large increases in federal borrowing for many decades. This increased borrowing is not necessary to restore Social Security solvency. Instead, the increased borrowing would be needed to finance the creation of … -
The DeMint and McCrery Social Security Plans
Revised July 20, 2005
On July 15, Rep. Jim McCrery and a number of other Republican House members introduced legislation to establish private accounts in Social Security. The legislation embodies the plan that Rep. McCrery, Rep. Clay Shaw, and other members unveiled several weeks ago and is very similar to the plan that Senator Jim DeMint … -
Would the DeMint Social Security Plan Promote Fiscal Responsibility?
June 24, 2005
Supporters of the DeMint proposal argue that the Social Security surplus is currently being “raided” by the rest of the budget because the surplus is being used to help cover the deficit. The claim that Social Security is being raided and that its finances are being weakened as a result … -
Statement Of Robert Greenstein On The DeMint Social Security Proposal
June 23, 2005
Under this DeMint plan, Social Security’s current annual surpluses would be shifted to private accounts rather than used to purchase Treasury bonds for the Social Security Trust Fund. This shifting of funds would end when the Social Security surpluses disappeared. This shifting … -
President Misleads On Social Security Rate Of Return
June 6, 2005
In Kentucky on June 2, the President stepped up his efforts to promote his Social Security plan with a claim that private accounts provide a substantially higher return than traditional Social Security without any added risk. The President said: “Right now, when we collect your money, if you’re a youngster out … -
Boosting Income and Contribution Limits For Pension Savings Would Swell Deficits, Do Little For Middle-Class Families
May 18, 2005
Ways and Means Chairman Bill Thomas has suggested that new tax cuts to promote retirement savings should be considered as part of the effort to reform Social Security. Chairman Thomas has expressed interest in a range of proposals.[1] A number of retirement-related tax proposals have strong proponents on Capitol Hill, in … -
White House Distortions Mask Social Security Benefit Reductions
Revised May 10, 2005
The President recently endorsed “sliding-scale” benefit reductions in Social Security, as proposed by investment executive Robert Pozen.[1] The Pozen proposal entails reducing benefits for most workers below the benefit levels that would be paid under the current benefit structure. (The benefits under the … -
Did the President Mislead on Social Security in His April 29 Press Conference?
Revised May 4, 2005
A series of statements by President Bush in his press conference on April 29 is likely to have left millions of viewers with misimpressions about his private-accounts proposal and about the Social Security system. Many of these statements had a common element — they created misleading impressions about how the private … -
Why the President's Social Security Proposals Could Ultimately Lead to the Unraveling of Social Security
May 2, 2005
President Bush has now endorsed a combination of “progressive price indexing,” a change in the Social Security benefit structure proposed by investment executive Robert Pozen, and private accounts carved out of Social Security. This combination spells danger for the future of the Social Security system. … -
An Analysis of Using "Progressive Price Indexing" To Set Social Security Benefits
Revised May 2, 2005
In his news conference on April 28, President Bush embraced a Social Security benefit reduction plan that is consistent with a proposal advanced by Robert Pozen, a former vice chairman of Fidelity Investments and a member of President Bush’s Social Security Commission. Pozenhas developed a change in the Social Security … -
Social Security Lifts 13 Million Seniors Above the Poverty Line
February 24, 2005
Social Security benefits have a powerful poverty-preventing effect among the elderly. An analysis of Census data shows that nationwide, Social Security benefits lift nearly 13 million seniors age 65 and older above the poverty line. These figures reflect a three-year average for the period from 2000 through 2002.… -
Press Release: Social Security Lifts 13 Million Seniors Out of Poverty
February 24, 2005
Social Security benefits raise nearly 13 million seniors age 65 and older above the poverty line, a new Center report finds. The report provides data on the poverty-reducing effects of Social Security in each state. “In the average state, Social Security benefits are the difference between … -
President Tries to Have It Both Ways
February 3, 2005
In his State of the Union Address, President Bush used misleading statistics to create a false sense of crisis about Social Security. At the same time, in a White House briefing several hours before the President’s address, a senior Administration official acknowledged that the private accounts the Administration is …
