RE: Social Security Roundtable

[National Dialogue Moderator <moderator>]

In 1995, when we began, no one was talking about Social Security
reform.  Today, on a nonpartisan basis, President Clinton and
Congressional leaders have made Social Security reform the number
one domestic issue.  There is a 60% to 70% chance that Congress
will pass a Social Security reform law in 1999 including individual
accounts.  We remain very optimistic.

Thanks to current budget and Social Security surpluses, we now have
a window of opportunity to effect real change.

As a first step, we need to dedicate a portion of the current budget
surplus to preserve the Social Security safety net.  Social Security
must continue to provide a "floor of protection" for America's
seniors, widows, orphans, and disabled.  We must preserve the
guarantee of a decent retirement income for all Americans.

Next, we need to prepare adequately for the impending retirement
of 76 million Baby Boomers.  The structure of the Social Security
system needs to adjust to changing demographics.  Under our current
system, by the year 2033 less than two workers will be asked to
finance each beneficiary.  We can ease the burden on younger workers
and begin to build meaningful savings for all workers by using a
portion of existing payroll taxes to create individually owned and
controlled savings accounts invested in the private sector.

We need to act now. Congress and the President must work together
to meet these goals within the next year in order to make the
transition as smooth as possible.  By taking bold steps early, we
can offer a Social Security system that provides a decent retirement
to all seniors without overly burdening future generations.

Sam Beard