A New Deal for Social Security

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Cato Institute, 1998 - Political Science - 262 pages
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This book traces Social Security from its inception to its current crisis, showing that the program's problems are the result of a fundamental flaw in its design. Social Security taxes are not saved or invested in any way. Instead, taxes paid by today's workers are used to pay benefits to today's retirees. Workers have to hope that when they retire another generation of workers will pay the taxes to provide their benefits. Like any pyramid scheme, this system cannot be sustained in the face of changing demographics.
 

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Contents

The Worldwide Revolution in Social Security
1
A Short History of Social Security
13
The Financial Crisis
37
A Bad Deal for Todays Workers
59
The Poor Minorities Women and Families
95
Social Security and the Economy
111
Social Security Privatization around the World
129
Social Security Freedom for America
155
Financing the Transition
175
Common Questions about a Private Social Security System
205
Time for Action
221
Notes
227
Index
255
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About the author (1998)

Peter Ferrara is director of policy for the Carleson Center for Public Policy and senior fellow for entitlement and budget policy with the Heartland Institute. He served in the White House Office of Policy Development under President Reagan and as associate deputy attorney general under President George H. W. Bush. He writes a weekly column at Spectator.org and also at Forbes.com. He lives in McLean, Virginia, and Easton, Pennsylvania.

Michael Tanner is director of health and welfare studies at the Cato Institute, co-editor of "Replacing Obamacare", author of "The Poverty of Welfare: Helping Others in Civil Society", and co-author of "Healthy Competition: What's Holding Back Health Care and How to Set It Free".

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