"Retirement Savings Plus" No Substitute For Reform
June 20, 2000
DALLAS (June 20, 2000) - Vice President Al Gore is expected today to unveil his plan, "Retirement Savings Plus," to allow workers to invest money in a private retirement account similar to an IRA.
Social Security experts from the National Center for Policy Analysis (NCPA SM), have looked at the vice president's plan, however, and have found that it does not solve the long-term problem facing the Social Security system. It also does nothing to increase the rate of return workers can receive on their payroll tax dollars, or reduce the need to raise future payroll tax rates to cover promised benefits.
John C. Goodman, president of the NCPA and a Social Security expert, is available to discuss the vice president's proposal, what it would mean for Social Security, and how it differs from other proposals before Congress.
He can also discuss the NCPA's new online Social Security benefits calculator available at www.mysocialsecurity.org, which allows workers to see for themselves what they can expect to pay in Social Security taxes over their working life, what they can expect to receive in benefits, and what they could receive if they had been able to invest that money in the private capital market.
WHO: Dr. John C. GoodmaN, NCPA President, Social Security Expert
WHAT: Analysis Of Social Security And Retirement Savings Proposals
WHEN: Available Immediately
Dr. Goodman, known as the "father of Medical Savings Accounts," is a nationally recognized expert on Social Security, Medicare and health policy. He was dubbed by the National Journal as "a winner of the devolution derby," for his ideas on ways to transfer government back to the people and their significant impact on Capitol Hill. He has testified before numerous congressional committees and regularly briefs Members of Congress on these issues. He has appeared on C-SPAN, ABC, NBC, CBS and CNN.