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- Title
Second Term Best for Social Security Reform.
- Authors
Shepler, Bob
- Abstract
The article discusses the enormous burden of U.S. citizens in the future obligations of social security, noting that a president's second term holds the best opportunity for social security reform. The unfunded liability of the retiring Baby Boom generation will put great pressure on the system leading to cuts in promise benefits and increases in social security taxes. The author suggests that individuals be allowed to invest payroll taxes into personal accounts. Independent think tank The Cato Institute has proposed that individuals born after 1950 be able to divert the half of their payroll tax into private accounts in exchange for forgoing accrued Social Security benefits. President George W. Bush's social security proposals are mentioned.
- Subjects
UNITED States; SOCIAL security; REFORMS; PRESIDENTIAL terms of office; SOCIAL security individual investment accounts; PAYROLL tax; ECONOMICS; BABY boom generation; SOCIAL security taxes; CATO Institute; EMPLOYEE benefits; BUSH, George W. (George Walker), 1946-; REVENUE
- Publication
Financial Executive, 2004, Vol 20, Issue 4, p62
- ISSN
0895-4186
- Publication type
Article