Wednesday, December 01, 2004

Where Catholics stand on Social Security Reform

This Cato Institute article points out that exit polls show 63% of Catholics support the idea of individual accounts in the Social Security program. That is correct, 63%. This is not an issue like abortion or same-sex marriage where the Church teaches definitively. Catholics can have a difference of opinion on how best to reform Social Security. Still, Catholics should ask themselves how best to serve the common good here: We can maintain the status quo and hope that the system does not collapse, which serious observors state will eventually happen or we can look to, as the article lays out,

Help restore Social Security to long-term solvency, without massive tax increases or benefit cuts that would fall heaviest on low-income workers;

Provide workers with higher benefits than Social Security would otherwise be able to pay, keeping millions of seniors out of poverty;

Create a system that treats women, minorities, and young people more fairly;

Allow low-income workers to accumulate real, inheritable wealth for the first time in their lives; and most importantly

Give workers ownership and control over their retirement funds.

Seems like a plan all Catholics can embrace and help implement. Let us hope they will support President Bush's efforts to change the system.


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