In separate messages to delegates at the White House conference on Social Security this week in Washington, D.C., the U.S.'s three largest broad-based business organizations each endorsed creation of individually controlled personal retirement accounts ...
In separate messages to delegates at the White House conference on Social Security this week in Washington, D.C., the U.S.'s three largest broad-based business organizations each endorsed creation of individually controlled personal retirement accounts as part of a reform of the financially periled program. The U.S. Chamber of Commerce, the National Assn. of Manufacturers (NAM), and the National Assn. of Independent Business (NFIB) also called for a preservation of existing benefit levels to retirees. Moreover, two of the associations -- the Chamber and the NFIB -- voiced strong opposition to efforts to increase the payroll tax. Otherwise, the Chamber issued a statement urging delegates to: oppose means-testing of Social Security benefits; address long-term financial problems, but not by placing an undue burden on future generations; use the efficiencies of the private capital markets; encourage individuals to take personal responsibility in planning for and contributing to their retirement needs; encourage continuation of the voluntary employer-sponsored retirement system; limit federal regulatory guidance; reflect actual increases in the cost-of-living when adjusting for inflation; and reflect actual trends in retirement ages and health when considering increases in retirement ages. NAM, meanwhile, stressed the need for a "government-guaranteed" safety net beyond the personal retirement accounts. NFIB urged that Social Security paperwork burdens be reduced.
