A press release by the Cato Institute shows that over four hundred-and-fifty top economists are supporting the privatization plan. From the Cato Institute:
More than four hundred-and-fifty of America's top economists, including Nobel laureates Milton Friedman, Robert Lucas, Robert Mundell, Edward Prescott and Vernon Smith, are calling for the nation's troubled Social Security system to be reformed by giving workers the option of shifting all or part of their payroll taxes into privately invested accounts.
In ads sponsored by the Cato Institute in tomorrow's Roll Call newspaper and The Washington Times, the economists argue that America's Social Security system is facing a financial crisis because of its flawed pay-as-you-go structure. They say that any solution "must uphold the time-honored principles of ownership, inheritability and choice."
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