Eastern Pennsylvania Business Journal, January 24-30, 2005
Story by Beth W. Orenstein on the Social Security program includes comments by Christopher Cocozza, assistant business professor at DeSales, and a lawyer and CPA. According to Orenstein, even though Social Security has been running a surplus and will until 2018, it is expected to run out of money by 2042, if benefits stay the same. Many feel that unless drastic steps are taken, Social Security will be bankrupt by the time workers in their 20s retire. President Bush has made fixing Social Security a priority for his second term and is in favor of a plan that would combine scaled-back guaranteed benefits and private investment accounts. Cocozza opposes privatizing Social Security because he believes the average worker is not knowledgeable enough about financial matters to make sound investments on his own. "Most people don't have the financial savvy to handle it, and that's the real risk of such a program," says Cocozza. Also, the transition to private accounts will be costly. "Give people incentives not to retire," suggests Cocozza, "and, if fewer people retire, the system would have less to pay out, and could create more cash flow for the program."
Press Release: Ways to fix, change Social Security spark discussion | Posted on: 1/24/2005
For more info:
Tom McNamara, Executive Director of Communications
DeSales University | 2255 Station Avenue | Center Valley, PA 18034
610.282.1100 x1219 | Tom.McNamara@desales.edu