How Should We Reform Social Security

NCPA Briefing to Feature Release of NCPA Reform Plan and Study of Needed Reforms to Annuity Market

WASHINGTON, D.C. – Social Security reform is at the top of President Bush’s agenda. And with good reason. In the next decade, two monumental shifts will occur: 1) 77 million baby boomers will start drawing benefits and stop paying taxes, and 2) Social Security and Medicare will claim an increasing share of federal income tax revenues, reaching almost 30 percent by 2020 and more than 50 percent by 2030.

The National Center for Policy Analysis (NCPA) will host a Capitol Hill briefing to answer the question: what happens now? The briefing will feature two of the leading researchers on Social Security reform who will unveil the results of two studies they authored for the NCPA.

NCPA Senior Fellow Thomas R. Saving, Public Trustee of Social Security and Medicare, will discuss the NCPA’s new plan to reform Social Security with the creation of personal retirement accounts (PRAs). This is the only reform plan so far that:

• Is fully paid for and does not require borrowed money;
• Maintains the progressivity of the current system; and
• Replaces today’s pay-as-you-go system with a fully funded system after one generation.

Estelle James, Consultant to the World Bank, will show how a system of inflation-indexed annuities can replace taxpayer-funded monthly payments as part of Social Security reform.

WHAT:	NCPA BRIEFING ON SOCIAL SECURITY REFORM
WHO:	THOMAS R. SAVING – Public Social Security and Medicare Trustee, NCPA Senior Fellow ESTELLE JAMES – http://www.estellejames.com/ Consultant to the World Bank MODERATOR – NCPA PRESIDENT JOHN C. GOODMAN
WHEN:	THURSDAY, DECEMBER 9, 2004 9:00 AM ET
WHERE:	G-11 DIRKSEN SENATE OFFICE BUILDING