Social Security Reform Calls for Leadership

By Murdock, Deroy | Chief Executive (U.S.), October 2001 | Go to article overview

Social Security Reform Calls for Leadership


Murdock, Deroy, Chief Executive (U.S.)


President Bush is counting on CEOs to help him modernize Social Security. Some are involved officially, while others offer vocal-if informal-support. But most top business leaders remain neutral in the debate over the future of America's largest federal program.

AOL Time Warner co-COO Richard Parsons and former New York Democratic Senator Daniel Patrick Moynihan co-chair the President's Commission to Strengthen Social Security. They fear that today's system is gliding into an inescapable demographic wall.

"In 1960, there were five workers for every retiree," they explained in an interim report last July. "Now there are slightly more than three. Before long there will be just two. This downward trend in the ratio of workers to retirees, under the existing system, would require either painful tax increases, significant benefit cuts, or astronomical levels of borrowing."

To avoid this collision, the Commission soon will unveil a blueprint for individual accounts into which Americans may choose to invest 2 percent of their Social Security taxes.

The Commission's other top managers include Robert Johnson, chairman and CEO of BET Holdings (parent company of Black Entertainment Television), and Robert Pozen, vicechairman of Fidelity Investments.

While these executives are active on this issue, most corporate chieftains are reticent about redesigning the government's $409.4 billion pension scheme.

Johnson believes some CEOs needlessly fear that diagnosing Social Secucity's ills will prompt Congress to prescribe business tax hikes. "Burying your head in the sand is not going to make the problem go away," Johnson says, 11 nor is it going to make you immune to political solutions Congress may impose."

Wade Dokken, president and CEO of American Skandia, is one booming voice amid the quietude. The author of New Century, New Deal (Refinery Publishing, 2000) visibly broke with the Democratic Party, of which he is a lifelong member and generous donor, by publicly criticizing Albert Gore during the 2000 election for championing today's Social Security system.

Corporate chiefs "understand better than anybody the grave societal risks if we don't solve this problem," Dokken says. The status quo is "bad for America's savings rate and for its economic growth and political stability.

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

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 ...
Project items

Items saved from this article

This article 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 article

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

Cited article

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 article

Social Security Reform Calls for Leadership
Settings

Settings

Typeface
Text size Smaller Larger
Search within

Search within this article

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

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.