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For more than 20 years, Social Security has been a signature issue of the Cato Institute. In 1980, Cato published Social Security: The Inherent Contradiction by Peter J. Ferrara. To replace the unsustainable "pay as you go" scheme, Cato was the first national policy institute to propose allowing citizens to put their own Social Security retirement money into individual savings accounts. In that way, people would be able to control their retirement destiny rather than depend on a government program.

Cato's prediction about a looming crisis for Social Security has come true as the program faces insolvency. The program suffers from $26 trillion in unfunded liabilities owed to future retirees. Social Security's supporters call for draconian new taxes on younger people and reduction in benefits to fill the gap. To uncover the realities facing the system over the last 24 years, Cato has published 33 studies on Social Security, shining light the weaknesses and inequities of the aging system.

In 1995, Cato enhanced its Social Security work, launching the Project on Social Security Choice under the direction of Michael Tanner. Since that time Cato has published two more cutting edge books, A New Deal for Social Security and Common Cents, Common Dreams: A Layman's Guide to Social Security.

Cato's ideas for overhauling Social Security have now made their way into the political mainstream. President George W. Bush has embraced the concept, as well as columnists across the political spectrum, including William Raspberry, Alan Murray and Robert Novak. Support now can be seen on the editorial of leading newspapers from The Washington Post to the Wall Street Journal.

Cato's Social Security work is a perfect example of fulfilling our pioneering mission: to identify vital public policy problems and provide unique solutions.