Transcript

Wednesday, March 19, 1997 - 1334 Longworth House Office Building 

A Briefing on the Social Security Crisis: Is the Stock Market the Answer?


Sponsored by the National Center for Policy Analysis

Information on Social Security

Welcome Rep. Marshall Sanford
Introduction of Steve Forbes Governor Pete du Pont, NCPA Policy Chairman
Panelist Steve Forbes, President & CEO, Forbes, Inc.
Panelist Rep. Jim Kolbe, Co-chair, House Public Pension Reform Caucus
Panelist Rep. Nick Smith, Michigan
Panelist Governor Pete du Pont, NCPA Policy Chairman
Panelist Dr. John Goodman, NCPA President
Panelist Bill Shipman, Principal, State Street Global Advisors
Panelist Dr. Carolyn Weaver, Social Security Advisory Committee
Questions and Answers Bill Shipman, Principal, State Street Global Advisors

MR. MATTHEWS: Good afternoon. I am Merrill Matthews, Vice President of Domestic Policy for the National Center for Policy Analysis, and we appreciate your taking out the time in your day to come listen to what we think is a major issue up here, and that is addressing the Social Security crisis.

Just a couple of days ago we heard that Prime Minister John Major of England is going to be introducing legislation in England in order to save the pension system in England. He would like to be able to privatize that system. They feel it's in crisis there in England. Their system is going to go bankrupt in the year 2040. Ours goes bankrupt in the year 2030.

They have got about 6.5 million Britons who are in that system, we've got probably four, five, six times that many people. This is an issue that needs to be addressed. So we're thankful that you're able to come and look at this, and talk this, hear the experts on the issues. We'd also like to mention that if you're interested in this, Americans for Tax Reform has a website, www.atr.org, in which you can go in there, click on the Social Security estimator. You will come up with an estimate there. You can put in your numbers and you will see what will happen, there on your computer, if you were to shift to a private Social Security system, what it would mean for you financially.

We'd like to start out this briefing by introducing Congressman Mark Sanford, Republican from South Carolina. He has been a leader on this issue. He is on the International Relations Committee and the Joint Economic Committee. He is going to present the welcome. Congressman Sanford.
(Applause)

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