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Budget Committee Holds Hearing on Challenges of an Aging Society

August 2, 2000

The House Budget Committee held a hearing last Thursday on intergenerational issues, including the future viability of Social Security and Medicare. Among the witnesses were Cato advisors former Rep. Tim Penny (D-MN) of the Committee for a Responsible Federal Budget and Professor Laurence Kotlikoff of Boston University; Dan Crippen of the Congressional Budget Office; Pete du Pont of the National Center for Policy Analysis; Dr. Henry Aaron of the Brookings Institute; Senator Bob Kerrey (D-NE); and Professor Alicia Munnell of Boston College.

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Nearly 80% of Americans pay more in Social Security taxes than they do in federal income tax.
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"These days, the eyes of Cato officials are gleaming at the prospect that privatizing Social Security, a project on which the 24-year-old think tank has worked for years, may be coming to fruition. If privatizers can overcome a few problems that worry their own supporters, it could be a bold new future, with Cato ideas leading the way."

- Hartford Courant
Feb. 26, 2001