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BY Joyce Fernando
by Joyce Fernando on 5/14/01.

Social security

EDITOR: I visited the White House for the unveiling of President Bush's newly appointed commission to study Social Security. It is well documented that Social Security as we know it will soon collapse without significant reform. As he promised in his campaign, President Bush has taken the initiative and appointed a 16-member bipartisan commission to examine the ailing Social Security system and develop recommendations for preserving it. ...

To illustrate the fact that real Americans support Social Security reform, he contacted Citizens for a Sound Economy and asked them to bring activists from all over the country to last week's ceremony at the famous Rose Garden. I was lucky enough to be one of the CSE activists asked to attend. . . .

The creation of Personal Retirement Accounts must follow several principles and guidelines. First, the government should in no way touch the benefits of existing retirees or near-retirees while reforming the system for our children. Second, Personal Retirement Accounts should allow people to invest at least a portion of their payroll taxes in individually directed personal retirement accounts. These accounts will increase the rate of return on retirement savings. Thirdly, the government should guarantee a "safety net," or minimum government benefit, for all retirees. . . .

Joyce Fernando