U.S. Chamber Pushes for Social Security Reform

WASHINGTON, DC-The United States Chamber of Commerce today applauded the continued work of President Bush's Commission to Strengthen Social Security, asserting that market-based reforms are key to preserving the system for future retirees.

"There can be no real fix to the problems with Social Security without private-sector investment," said Chamber Executive Vice President Bruce Josten. "Opening the door even a little for private investment options not only will increase yields for future generations, but also will boost savings and investment and fuel economic growth."

Based on intermediate estimates of the Social Security Trust Fund trustees, Social Security outlays will exceed payroll tax revenues by 2015. Without reform, the trust funds will be exhausted by 2037. Any reform package must avoid unnecessary tax increases and benefit cuts and include a private savings account option, according to the Chamber.

Josten spoke during a press briefing on post-attack prospects for Social Security reform held by the Alliance for Worker Retirement Security, a broad-based coalition of 40 employer groups including the Chamber working with Congress and the Bush administration to preserve and strengthen the system through market-based reforms.

"Personal retirement accounts were a good idea before the current national security crisis and they will continue to be a good idea long after this battle is won," said Josten. "Policymakers must keep the courage to lead us toward responsible reforms that safeguard future retirees."

The U.S. Chamber of Commerce is the world's largest business federation, representing more than three million businesses and organizations of every size, sector and region.

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