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Press Release

    South Carolina Senate Fact #5: Social Security Reform Cannot Wait

    10/13/2004

    America can no longer afford to ignore the impending retirement security disaster. The Cato Institute found that every two-year federal election cycle that Congress fails to reform Social Security costs taxpayers $320 billion.

    Social Security represents a massive unfunded liability on the order of $26 trillion: the program will dip into the red in 2018 as benefits paid exceed contributions. Worst of all, the “Trust Fund” is full of meaningless government IOUs—there are no real assets. The longer America waits to pass PRAs, the more it will cost to avert this fiscal train wreck.

    Thankfully, South Carolina U.S. Senate candidate Jim DeMint knows that reform can’t wait. That’s why he’s joined 193 candidates in committing to pass Personal Retirement Accounts (PRAs) as part of the FreedomWorks Candidate Survey. Personal accounts are the best way to address Social Security’s massive unfunded liability. In fact, Representative DeMint even authored legislation in Congress to save Social Security now.

    The other candidate in the South Carolina, Inez Tenenbaum, refuses to complete the Candidate Survey and does not present her own solution to save Social Security. Instead, she resorts to misleading scare tactics.

    It’s time to pass PRAs-- empty rhetoric and delaying Social Security reform costs America too much.

    For more information, please visit http://www.freedomworks.org/southcarolina/