IRVINE, CA
—Recent polls show that more than 60 percent of Americans favor a shift from the government-run Social Security program to private accounts—and that 82 percent of voters under the age of 30 back the privatization proposal.There are good reasons for this, says Dr. Andrew Bernstein, a senior writer for the Ayn Rand Institute. "Morally, the injustice of forcibly taking money from young working people to pay retirement benefits to the elderly will end. No longer will a person's inability or unwillingness to save for his retirement be used as a weapon against others."
Practically, Bernstein points out, "freeing taxpayers from the burden of financing Social Security, leaves them with greater choice: they can spend part or all of their additional income to improve their lives in the present
—or they can save part or all of it for their retirement. Further, since private retirement accounts yield significantly more money than Social Security provides in benefits, a person who opts to save can have more wealth awaiting him upon retirement."Greater justice, greater freedom and greater wealth
—these are the reasons that Social Security must be privatized."### ### ###
Dr. Andrew Bernstein, a senior writer for the Ayn Rand Institute, is available for interviews.
Contact larryb@aynrand.org or (800) 365-6552 ext. 213.