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PRESS RELEASE FROM AMERICANS FOR TAX REFORM
Contact: John Kartch ( jkartch@atr.org or 202-785-0266)

[View Printable Adobe Acrobat File]

6/28/05

Social Security Fact of the Day
Social Security cannot afford to pay all of the benefits it has promised. Beginning in 2017, it will run cash deficits that get bigger every year.

Social Security’s impending bankruptcy is caused largely by a demographic tide that is sweeping the globe. Nations both affluent and developing are getting much, much older than they used to be. This will increase the strains on retirement systems in all nations, and Social Security is not exempt. According to a recent study by the U.N., the percentage of over-65 residents of developing countries will double in the next fifty years from 5% of their population to more than 10%. However, the affluent nations are facing the greatest challenges. Now, one out of seven affluent nation citizens are over 65. By the time today’s younger workers retire, that number will be one out of four.

The system has a problem, and we need to fix it. Personal accounts are the solution.

Global Population Aged 65+ Will Explode in Coming Years
Source: United Nations, 2001

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Americans for Tax Reform is a non-partisan coalition of taxpayers and taxpayer groups who oppose any and all federal and state tax increases.  For more information, or to arrange an interview with Mr. Norquist please contact John Kartch at (202)785-0266 or by email at jkartch@atr.org.