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Hearing Set for Social Security Nominee

September 19, 2001

The Senate Finance Committee will hold a hearing on the nomination of Jo Anne Barnhart to be commissioner of Social Security at 10 AM on Sept. 20, in 215 Dirksen Bldg. Some labor unions have been pressuring Senate Democrats to use these hearings to attack President Bush's proposals for allowing younger workers to privately invest a portion of their Social Security taxes. Barnhart, a supporter of individual accounts, is expected to be confirmed, but the hearings may provide an indication of how the debate will play out in the future.

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A medium income worker born after 1965 can expect a rate-of-return of less than 2% on his or her Social Security taxes.
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"The largely Cato Institute-staffed presidential commission owes its existence to the Cato Institute itself. For the last quarter of a century, the Washington, D.C.-based libertarian think tank has been campaigning for the privatization of Social Security."

- William O'Rourke
Chicago Sun Times
August 28, 2001