Social Security: Averting the Crisis

In this comprehensive survey of the critical problems besetting the social security system, Peter J. Ferrara proposes a sweeping program for reform. Ferrara has condensed the arguments put forth in his classic book, Social Security: The Inherent Contradiction, and developed an entirely new approach to fundamental reform of the system. The Ferrara proposal, which would abolish the pay-roll tax and allow younger workers to opt out of social security in favor of tax-free IRA-type investments, is receiving increasing national attention. As the huge unfunded liability of social security puts ever greater strain on the system’s financial integrity, this book provides a timely solution to what may well be the most pressing economic problem of the decade.

Peter J. Ferrara, former associate policy analyst at the Cato Institute, is general counsel and chief economist for Americans for Tax Reform. A leading Social Security scholar, he is the author of Social Security: The Inherent Contradiction and several other books on Social Security. He served in the Reagan administration from 1981 to 1983 and as associate deputy attorney general of the United States in 1992–93. He has also practiced law and taught at George Mason University School of Law.