Tuesday, May 17, 2005

Nobel Economists Support Social Security Reform

Andrew Roth of Social Security Choice.com points out that Cato Institute published an ad with 450 economists 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. There are 5 Nobel prize winners:
  • Edward C. Prescott, Arizona State University, 2004
  • Vernon Smith, George Mason University, 2002
  • Robert Mundell, Columbia, 1999
  • Robert E. Lucas Jr., University of Chicago, 1995
  • Milton Friedman, Hoover Institution, 1976
The economists argue that any solution "must uphold the time-honored principles of ownership, inheritability and choice." Roth says that the leading newspapers are unanimous in ignoring this important news. See the entire list for yourself.

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