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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]

5/20/05

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.

Observers across the political spectrum agree that pressures to increase federal spending will accelerate as the Baby Boomers retire. According to the GAO, leaving current policies in place would raise federal spending from today’s 20% of GDP, to over 30% by 2030, to over 40% by the time today’s younger workers retire in 2040. Social Security spending is expected to grow by 84% in that period. Large personal accounts would gradually transform Social Security into a fully-funded system with virtually no cost to the federal government by the time younger workers retire.

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

Without Personal Accounts, Federal Spending Will Explode
Source: Government Accountability Office

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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.