An Analyst's Alternative to Social Security; Peter Ferrara Is Senior Fellow for Entitlement and Budget Policy at the Heartland Institute. He Served in the White House Office of Policy Development under President Ronald Regan and as Associate Deputy U.S. Attorney General under President George H.W. Bush. Ferrara Spoke to the Trib regarding Social Security's Future. [Derived Headline]

By Heyl, Eric | Tribune-Review/Pittsburgh Tribune-Review, January 23, 2016 | Go to article overview

An Analyst's Alternative to Social Security; Peter Ferrara Is Senior Fellow for Entitlement and Budget Policy at the Heartland Institute. He Served in the White House Office of Policy Development under President Ronald Regan and as Associate Deputy U.S. Attorney General under President George H.W. Bush. Ferrara Spoke to the Trib regarding Social Security's Future. [Derived Headline]


Heyl, Eric, Tribune-Review/Pittsburgh Tribune-Review


Peter Ferrara is senior fellow for entitlement and budget policy at The Heartland Institute. He served in the White House Office of Policy Development under President Ronald Regan and as associate deputy U.S. attorney general under President George H.W. Bush. Ferrara spoke to the Trib regarding Social Security's future.

Q: How bleak will it be for future retirees if Social Security isn't reformed?

A: Social Security's collapse is increasingly imminent. The latest projections of the Social Security actuaries is that the system will run short of funds to pay promised benefits in about 13 years. So there are people who are retired today who are going to face the threat of losing Social Security benefits, and this is an epic battle because there is nothing saved within Social Security to pay those future benefits. The Social Security trust funds are just a pile of internal federal government IOUs. So the federal government is going to have to either raise taxes on working people or the general public, or increase the national debt by assuming more of the debt to borrow the money to pay seniors back.

Q: You've previously pointed to a Chilean retirement savings model that seems to offer a possible solution to the problem. Can you explain what that entails?

A: In 1981, Chile gave people the freedom to choose personal savings investment accounts to pay the benefits promised by Social Security. That is the only real solution to the Social Security problem -- to shift to a real savings and investment system. Most people think of retirement programs as saving while you are working and investing the money and earning returns so that you'll have substantial funds when they retire. …

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An Analyst's Alternative to Social Security; Peter Ferrara Is Senior Fellow for Entitlement and Budget Policy at the Heartland Institute. He Served in the White House Office of Policy Development under President Ronald Regan and as Associate Deputy U.S. Attorney General under President George H.W. Bush. Ferrara Spoke to the Trib regarding Social Security's Future. [Derived Headline]
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