Smith Bill Draws Praise from Advocates of Social Security Reform

September 16, 2003

In response to Rep. Nick Smith's (R-MI) introduction of his latest Retirement Security Act, several advocates of reform expressed support for Smith's initiative during his final term in Congress. Smith first introduced personal account reform legislation in 1994 and has contributed immeasurably to the debate. For more about Rep. Smith's personal retirement account—based Social Security reform plan, click here.

Steve Forbes delivered the following statement: "Congressman Nick Smith is one of those rare, courageous elected officials who has been willing to tackle the looming Social Security crisis. The plan he presents…is a responsible, carefully thought out approach that merits serious consideration. The time for demagoguery on this critical issue is long past."

NCPA director of government affairs and senior policy analyst Matt Moore said: "Social Security needs reform now. The longer we wait to get the conversation going, the longer we have to wait for reform, and the more expensive and painful the modernization of the system will be. Congressman Smith should be commended for taking an important step in reforming the system."

Dan Clifton, executive director of American Shareholders Association commented: "The financing crisis facing Social Security has clearly been documented over the years and the time for talk is over. Only through personal retirement accounts can Social Security be reformed."

In a letter addressed to Rep. Smith, Pete Sepp of the National Taxpayers Union wrote: "The Retirement Security Act contains something for everyone. It will most dramatically improve the standing of low-income workers and would give them a more direct stake in the long-term health of the economy. All women—whether they work outside the home or not—would benefit from pooling among spouses, increased surviving spouse benefits, and a retirement credit for stay-at-home mothers. Americans with lower-than-average life expectancies would no longer face as great a financial penalty as they do under the current system."

Head of Americans for Tax Reform Grover Norquist said: "The only real way to reform Social Security is through personal retirement accounts. Without reforming the system, you would have to raise taxes or cut benefits, but with personal accounts that are real, tangible investments that grow, you can actually cut taxes and raise benefits at the same time."

Charles Jarvis, chairman and chief executive of the United Seniors Association, said: "America must move from the present Debt Bomb Retirement System to a Wealth Building Model for every American. Rep. Smith's legislation will help seniors have the security and the peace of mind they deserve, while creating a better deal for their children and grandchildren. All Americans should own their own financial future."

Derrick Max, executive director for Alliance for Worker Retirement Security said: "Perhaps most importantly, the Retirement Security Act has been scored by the Social Security Administration's actuaries, who agree that it will restore the long-term solvency of the program. That is the most fundamental responsibility we owe to our children and grandchildren."

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