The Other Side of the Pyramid: A New Social Security System for the Next Century

C A T O   I N S T I T U T E · W A S H I N G T O N , D C · F E B R U A R Y 1 4 , 1 9 9 7

America's Social Security system is no longer sustainable. As early as 2012 it will be running a deficit- a deficit that can only be fixed by massive tax hikes or benefit cuts. At the same time, the system has become an increasingly bad retirement deal. In fact, most young Americans will actually recieve a negative return on their Social Security taxes- les than they paid in.

Social Security's impending crisis has led to calls for a new Social Security system, replacing the pay-as-you-go pyramid scheme with a system of true savings.
Privatizing Social Security would rescue a bankrupt system, ensure higher retirement benefits for today's young workers, and increase national savings and economic growth, accoring to supporters. But questions remain. How will a privatized Social Security system work? How will it effect workers, the poor, the elderly? What are the political and legislative prospects for privatization? Those and other issues were addressed at this Cato Institute conference by some of the nation's leading experts.

Schedule of Speakers

8:00 - 8:30 a.m. Registration: Wintergarden
8:30 - 9:00 a.m. Welcoming Remarks: Michael Tanner, Director, Cato Project on Social Security Privatization
9:00 - 9:30 a.m. Keynote Address: Sen. Don Nickles (R-Okla.)
9:30 - 10:00 a.m. An Employer's View of Social Security Privatization

Warren L. Batts, Chairman, National Association of Manufacturers, and Chairman, Premark International, Inc.

10:00 - 10:15 a.m. Break
10:15 - 11:30 a.m. The Legislative Perspective

Rep. Sam Johnson (R-Tex.)
Rep. Earl Pomeroy (D-N.D.)
Rep. Mark Sanford (R-S.C.)
Rep. Nick Smith (R-Mich.)
Moderator: Tim Penny, Former Member of Congress (D-Minn.)

11:30 - 1:00 p.m. Luncheon and Luncheon Address: "How We Did It In Chile," José Piñera, Co-Chairman, Cato Project on Social Security Privatization, and Chairman, International Center for Pension Reform. Introductory remarks by Peter Ferrara, chief Economist, Americans for Tax Reform
1:00 a.m. - 2:00 p.m. Social Security, Women, the Poor, and Minorities

Sam Beard, President, Economic Security 2000
Robert Genetski, Director of Research and Asset Management, Chicago Capital
Jonathan Barry Forman, Professor of Law, University of Oaklahoma
Michael Tanner, Cato Institute
Moderator: Naomi Lopez, Entitlements Policy Analyst, Cato Institute
2:00 - 3:00 p.m. The Political Climate for Priatization

Bill McInturff, Partner, Public Opinion Strategies
Kellyanne Fitzpatrick, President, The Polling Company
Lawrence Jacobs, Professor of Political Science, University of Minnesota
Moderator: Mark Weinberger, Partner, Washington Counsel
3:15 - 4:30 p.m. The View from the Media: The Privatization Debate

Robert Novak, Syndicated Columnist, Chicago Sun-Times
Jon Fund, Member, Editorial Board, Wall Street Journal
Jay Ambrose, Chief Editorial Writer, Scripps Howard News Service
Michael McQueen, Contributing Correspondent, Nightline, ABC News
Moderator: Deroy Murdock, Cofounder, Third Millennium

4:30 p.m. Concluding Remarks: Michael Tanner, Cato Institute

 

This event was held at:
THE CATO INSTITUTE'S F.A. HAYEK AUDITORIUM
1000 MASSACHUSETTS AVENUE, NW
WASHINGTON, DC

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