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28. 2003 Annual Report of the Board of Trustees of the

Panels Identify `Waste, Fraud and Abuse,' But Are

Unlikely to End Them," CQ-Today, October 2,

Federal Hospital Insurance and Federal Supplementary

Medical Insurance Trust Funds (Washington:

2003.

Government Printing Office, 2003), table 1.C.1, p.

35. See Peter Ferrara, "To Get Spending under

3. In overall budgetary terms, of course, this does

Control," Washington Times, January 6, 2004.

not produce a net gain, since it would ultimately

Ferrara notes that such spending restraint would

increase Medicare shortfalls. But it seems fair to

still result in a government 59 percent larger than

use Social Security funds for Social Security.

it is today.

Medicare will ultimately require its own reform to

remain solvent, but that is an issue for another day.

36. The survey of 1,204 likely voters was conduct-

ed in July 1999 and has a margin of error of +/- 3.0

29. Stephen Slivinski, "The Corporate Welfare

percent. http://www.socialsecurity.org/zogby/full

Budget: Bigger Than Ever," Cato Institute Policy

report.pdf.

Analysis no. 415, October 10, 2001, p. 6.

37. Andrew Biggs, "Personal Accounts in a Down

30. The Social Security Solvency and Modernization

Market: How Recent Stock Market Declines Affect

Act of 2003.

the Social Security Debate," Cato Institute Brief-

31. For a full discussion of "revenue recapture," see

ing Paper no. 74, September 10, 2002.

Peter Ferrara and Michael Tanner, A New Deal for

38. Neil Gilbert and Neung-Hoo Park, "Privatization,

Social Security (Washington: Cato Institute, 1998),

Provision, and Targeting: Trends and Policy

pp. 62­64, 180­81.

Implications for Social Security in the United

32. Stephen C. Goss, chief actuary, Social Security

States," International Social Security Review 49 (January

Administration, Memorandum to Sen. Phil

1996): 22.

Gramm, April 16, 1999.

39. See, for example, Peter Ferrara, "A Progressive

33. Ibid. SSA also uses this method in calculating

Proposal for Social Security Accounts," Institute

revenue feedback under a Social Security reform

for Policy Innovation Policy Report no. 176, June

proposal offered by Peter Ferrara. Stephen C.

2003. Progressive accounts are also a feature of the

Goss, Memorandum to Peter Ferrara, December 1,

Social Security Solvency and Modernization Act,

2003.

sponsored by Sen. Lindsey Graham, and of the

President's Commission to Strengthen Social

34. See, for example, Andrew Taylor, "House

Security's Model 2.

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