Ways and Means hearing on Social Security

November 17, 1998

Thursday's House Ways and Means Committee hearing on Social Security offers an important opportunity to begin a bipartisan process for reform. Here's the view of Michael Tanner, director of the Cato Project on Social Security Privatization:

"There's good news and bad news about the Ways and Means hearings that begin tomorrow.

"It's very good news that they're being held. A serious effort at Social Security reform can only occur immediately following an election, when there's time to tackle this difficult task before partisan electoral politics reemerges a year or so from now. There's no time to waste.

"The bad news is that both Democrats and Republicans seem preoccupied with the question of who should go first in proposing a Social Security reform plan. Leaders of both political parties should set aside the Alphonse and Gaston routine and be willing to take political risks for the benefit of all Americans.

"Social Security is facing a crisis. In just 15 years, the program will begin to run a deficit. Most young workers will be facing a negative rate of return from the system, receiving less in benefits than they pay in taxes. Only fundamental reform can ensure that future generations will be able to retire with dignity."

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