Social Security and Its Discontents: Perspectives on Choice

By Michael D. Tanner | Go to book overview

12.
Perspectives on the President's
Commission to Strengthen Social
Security
Andrew G. Biggs

In May 2001 President Bush appointed the President's Commission to Strengthen Social Security to formulate proposals that would maintain Social Security's promise for today's retirees while improving that promise for younger workers through personal accounts. That was their task, and in the end they accomplished it well.

The commission began its work with an interim report, issued in August 2001, outlining the state of the current program. The interim report generated significant controversy—particularly its criticism of the Social Security trust fund and the overall progressivity of the program.

The commission's final report and recommendations, delivered to the president in December 2001, contains three separate reform proposals based on personal retirement accounts. Although the plans encompass a broad range of ideas on how to maintain Social Security, each would pay benefits at least as high as the current program at a lower long-term cost, while giving workers the opportunity to build assets and wealth in personal accounts that they would own and control.

The commission's Plan 1 would do nothing more than give workers the option to voluntarily invest a portion of their Social Security payroll taxes in a personal retirement account. Because it makes no other changes to the system, it is politically attractive in the short term, but it does not address long-term concerns. Nevertheless, even this “accounts only” approach would pay higher benefits to all retirees while reducing long-term general revenue costs by 8 percent compared with the current program.

Originally published as Cato Institute Social Security Paper no. 27, August 22, 2002, and updated to reflect current information.

-201-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this book

This book has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this book

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited page

Bookmark this page
Social Security and Its Discontents: Perspectives on Choice
Table of contents

Table of contents

Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen
/ 388

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.