Gen-Xers and seniors finally agree on something ...

December 2, 1998

Today, a large coalition of organizations - representing tens of millions of Americans of every age, interest, sex, race and economic status - announced support for Social Security reform based on saving and investment. Representatives of more than 40 business and citizens organizations participated in this morning's event at the Capitol, under the banner of the "Campaign to Save and Strengthen Social Security." Although the Cato Institute does not participate in political coalitions, Michael Tanner, director of the Cato Project on Social Security Privatization, believes that today's development is very important:

"The decision by this diverse coalition to back Social Security reform based on individually owned, privately invested accounts is both well-timed and fundamentally important. It confirms what the polls have shown for years: there is wide support for allowing every American the opportunity to choose to invest their payroll taxes in personal retirement accounts. By adding the voices of millions of average Americans to the Social Security debate, this coalition moves us closer to the day when Americans will retake control over their retirement money.

"This coalition is also making an important contribution in reminding lawmakers and the White House that Social Security can no longer be 'fixed' by raising taxes and cutting benefits. We salute their efforts and hope that politicians of all stripes give them a serious hearing."

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