Retirement Security: Media Appearances and Press Releases

How to Prepare for the End of Social Security | U.S. News & World Report

Cecille Isidro — Tue, 16 Jun 2009 10:32:00 -0400

... fastest-growing poverty group in the United States...so we're going to have to spend a lot of money on the elderly," says Phillip Longman, author of Born to Pay: The New Politics of Aging in America and a senior fellow at the New America Foundation.

It's Time to Fix the 401(k) | CNN Money

Cecille Isidro — Mon, 16 Feb 2009 08:08:00 -0500

... designed to provide inadequate retirement income for the average worker," says University of California Berkeley political scientist Jacob Hacker. ...

It's Time to Fix the 401(k) | CNN

Cecille Isidro — Mon, 16 Feb 2009 08:07:00 -0500

... designed to provide inadequate retirement income for the average worker," says University of California Berkeley political scientist Jacob Hacker. ...

Managing Risk in an Unstable World | Human Events

adminn — Fri, 28 Nov 2008 11:25:00 -0500

Which is my answer to those, like Yale Professor Jacob Hacker, who advocate public policies to reduce risk for individuals. In his book "The Great Risk ...

Jacob Hacker in the New York Times | 'Will the Safety Net Catch Economy’s Casualties?'

Cecille Isidro — Sun, 16 Nov 2008 16:37:00 -0500

“Some of the core elements of the social safety net have eroded,” said Jacob Hacker, author of “The Great Risk Shift” and a professor of political science at the University of California at Berkeley. “Unemployment insurance has been weak for a long time, but right now it seems to be quite anemic relative to the need,” he said. “The social safety net in general has not been kept up to date with the changing nature of the work force and the increased economic risks that working families are facing.” LINK

Jacob Hacker in the Washington Post | 'Retirement Wreck'

Cecille Isidro — Sun, 12 Oct 2008 15:35:00 -0400

"Right now, we're really seeing the risks come home, and people are recognizing the extent to which their retirement savings are on the line when the stock market goes down drastically," said Jacob Hacker, a political science professor at the University of California at Berkeley who chronicled the advent of 401(k) plans in "The Great Risk Shift." LINK

Next Social Contract event in Encore | 'Averting a Bust for Boomers'

Communications — Fri, 27 Jun 2008 07:43:00 -0400

The New America Foundation’s panel today, “Averting a Bust for the Boomers: The State of Retirement Preparedness and How to Improve It,” blew up the popular image of baby boomers as healthy, wealthy and wise (at least about their finances)...LINK

Maya MacGuineas in Roll Call | 'Ryan Campaigns for Fiscal Fitness'

Communications — Wed, 25 Jun 2008 05:48:00 -0400

Regarding Rep. Ryan's proposed fiscal policy strategy:

...Maya MacGuineas, president of Committee for a Responsible Federal Budget, had high praise. "Comparing it to the current path we are on, it is a vast improvement, and comparing it to the other Congressional plans out there, well, there are none..." LINK (subscription required)

Jacob Hacker in San Francisco Chronicle | 'Comfortable Retirement a Fading Dream for Many'

Communications — Mon, 16 Jun 2008 15:58:00 -0400

"People value the idea of a period beyond their work life," said Yale University political scientist Jacob Hacker, who has studied U.S. pension and health care policies. "Retirement was the victory of the affluent society over the need to be a cog in the machine your whole working life..." LINK

New America Foundation in Ventura County Star | ''Magic' of Savings'

Communications — Wed, 28 May 2008 10:36:00 -0400

...The New America Foundation's idea is embodied in AB2940, by Assemblyman Kevin De Leon, D-Los Angeles. It would establish the California Employee Savings Program, to be administered by the California Public Employees Retirement System, the same entity that invests the pension contributions of state and local government workers...LINK

Nation’s Budget Experts Say Politicians 'Addicted' To Debt; Launch 12-Step Recovery Program

Communications — Tue, 20 May 2008 03:33:00 -0400

Washington, DC – The Committee for a Responsible Federal Budget, a bipartisan group of some of the most highly respected budget experts in the United States that includes former directors of the Office of Management and Budget, Congressional Budget Office, and Government Accountability Office, as well as many former members of Congress, today launched US Budget Watch, a critically important new effort to force the 2008 presidential candidates to pay attention to the deteriorating federal budget situation.

US Budget Watch, which today released its “Twelve Principles for Fiscal Responsibility,” announced that it will continue to monitor the campaigns’ policies and provide monthly public reports on the overall budget and the specific topics that will most affect it—such as taxes, Social Security and healthcare.

According to Maya MacGuineas, president of the Committee for a Responsible Federal Budget, it is not an accident that there are 12 principles. “The White House and Congress have clearly become addicted to deficits and debt,” she said. “That makes it appropriate for US Budget Watch to be the equivalent of a 12-step program to help policymakers deal with their addiction.”

In keeping with its commitment to provide an objective and nonpartisan assessment of the 2008 presidential campaign, US Budget Watch will not endorse a particular candidate. It will, however, provide voters with the information they need to take fiscal responsibility into account when they go to the polls in November.

“Every member of the board of the Committee for a Responsible Federal Budget has his or her own political views and favored candidate,” MacGuineas said. “But regardless of who they are supporting, they are all committed to fiscal responsibility and that is what US Budget Watch will focus on,” she added.

The 12 principles US Budget Watch will monitor during the 2008 election campaign are:

Admit That We Face Serious Fiscal Problems
Elevate the Issue of Fiscal Responsibility
Commit to Reducing the Deficit
Suggest Solutions to Fix Social Security
Suggest Ways to Address Rising Health Care Spending
Suggest Solutions to Outstanding Tax Issues
Plan to Reform the Budget Process
Use Honest Numbers
Offset the Cost of New Policies
Don’t Perpetuate Budget Myths
Do Not Attack Someone Else’s Plan Unless You Put Forward an Alternative
The Media Should Do Its Job

Committee for a Responsible Federal Budget board member Leon Panetta, who formerly served as director of the Office of Management and Budget and chairman of the House Budget Committee, said that US Budget Watch was exactly what was needed in the 2008 election campaign. “This is the best way to make sure the presidential candidates and their staffs think about the budget implications of what they are saying and proposing,” he said. “Our hope is that every speech not only includes the words ‘fiscal responsibility,’ but that the proposals are themselves fiscally responsible.”

Another Committee for a Responsible Federal Budget board member, former House Ways and Means and Budget Committee member Bill Frenzel, said the candidates need to know that someone will be monitoring what they are doing from a budget perspective. “Candidates and elected officials respond when they know a particular issue is of increasing importance to voters and the media,” he said. “US Budget Watch will make it much more likely that will happen.”

The full text of US Budget Watch’s “Twelve Principles for Fiscal Responsibility” and additional information about US Budget Watch can be found at www.USBudgetWatch.org.

The Committee for a Responsible Federal Budget is a bipartisan, non-profit organization committed to educating the public about issues that have significant fiscal policy impact. The Committee is made up of some of the most important budget experts in the country including many of the past Directors of the Budget Committees, the Congressional Budget Office, the Office of Management and Budget and the Federal Reserve Board. For more information about the Committee for a Responsible Federal Budget, visit www.crfb.org.

CA Pension Bill in the San Francisco Chronicle | 'Bill Would Order CalPERS to Offer IRAs'

Communications — Sun, 13 Apr 2008 09:39:00 -0400

A bill in the state Assembly would require the California Public Employees' Retirement System, the mammoth pension fund for government workers, to offer individual retirement accounts for private-sector employees. The goal of the bill, AB2940, is to increase retirement savings among the vast number of people who have no plan at work and don't have the will or skill to open an IRA on their own.

Although several other states have considered letting their public-sector pension funds run private-sector accounts, no state has ever done so.

The bill was approved 4-1 on Wednesday by the Assembly committee that oversees CalPERS.... LINK

*Background on the pension bill: Advised by New America's Asset Building Program, Assembly Member Kevin De Leon (D-Los Angeles), introduced AB 2940 to establish the California Employees Savings Program. CalESP will provide voluntary and portable retirement savings accounts that workers can freely take with them from job to job. New America’s Asset Building Program has long called for the creation of a portable retirement account that will enable all workers the opportunity to build wealth and achieve financial security.

Olivia Calderon in Oakland Tribune | 'Bill Would Help Workers Save More'

Communications — Thu, 10 Apr 2008 10:27:00 -0400

..."We know that people save best through payroll deductions," said Olivia Calderon, the California legislative director [of the Asset Building Program] for the New America Foundation, a think tank advocating for the proposal. "But today, too many Californians don't have the option to save at their workplace..." LINK

"Future of American Politics" Event on C-SPAN

Communications — Fri, 29 Feb 2008 15:20:00 -0500

The first panel spoke on the changing political culture in the United States and how it will affect the next social contract. Panelists focused on the growing demand for post-partisanship, teamwork, and tolerance among younger voters. The second panel discussed political institutions and elections, including the past political era, which began in 1978, and the possible shape of the new political era that panelists believe is beginning. The third panel discussed possible policies in the next political era? Some topics were broadening asset ownership, modernizing the tax system, and workplace flexibility. The final panel spoke on political parties in the next political era. They discussed how each party is struggling to build a new majority coalition and the growing popularity of the Democratic Party, particularly among young people. Following each panel panelists answered questions from members of the audience. For the video, visit the C-SPAN Event Page.

Steven Hill's NYT Letter to the Editor Regarding Krugman Column, Europe's Social Contract

adminn — Fri, 11 Jan 2008 11:22:00 -0500

Paul Krugman calls Europe the "comeback continent" because of its resurging economy, yet repeats another stereotype -- Americans pay less in taxes than Europeans. The situation actually is more complex.

For their taxes, Europeans receive many benefits for which most Americans must pay additional fees and payments out of pocket. Many Americans, if they have health care at all, are paying for escalating premiums and deductibles. Other Americans are saving $100,000 for each of their children's college education, yet European children attend for free or nearly free.

Millions of Americans are scraping to save the amount they will need for retirement beyond Social Security, but the European retirement system is much more generous. Many Americans pay extra for child care, or self-finance their own sick leave or parental leave after a birth, but Europeans receive all of these (and more) from their taxes.

When all these differences are added up, it turns out that many Americans are paying out as much as Europeans -- we just receive a lot less for our money. The "overtaxed European" is another stereotype used to scare Americans away from the European model, so it's unfortunate that Mr. Krugman reinforced that stereotype.

Steven Hill San Francisco

Maya MacGuineas in TIME Magazine on Productive Aging

Communications — Thu, 10 May 2007 12:35:00 -0400

Making the most of our retirement-age population has become a hot issue in Washington, where for the past 75 years federal policy has been designed around easing folks who are past 50 out of the workforce rather than enticing them to stay in it. If you're reaching that age now, however, you're headed for a whole new reality.Everyone knows the fiscal pickle we're in: baby boomers are about to retire and tap Social Security, Medicare and Medicaid benefits. To make good on the promises of these programs, the government may have to go much deeper into debt or increase the tax burden up to twofold on those still working. The math is suffocating. Something has to give.Inside the Beltway, one answer is increasingly heard: let's get a continuing economic contribution from folks after their primary career has ended and before they start draining the system's pension and health-care assets. That's bad news if you're looking forward to a kick-up-your-heels early retirement; the financial and cultural support for a purely leisure-filled later life is drying up. But if you crave opportunities for a flexible job that you will enjoy or volunteer work that makes use of your… more

Maya MacGuineas on Spending for Kids, Seniors in USA Today

Communications — Thu, 15 Mar 2007 22:13:00 -0400

WASHINGTON — The spiraling cost of benefits for seniors is limiting the federal government's ability to invest in kids.Despite Democrats' plans to boost spending on education and children's health insurance, the projected $2.9 trillion federal budget's tilt toward older Americans will only increase, a study out today from the Urban Institute says.The report...shows that their share of domestic spending and tax breaks has dropped from 20% in 1960 to 15.4% today. Barring a change in policy, it would decline to 13% in 2017.As a share of the nation's economy, spending on kids would go from 2.6% to 2.1%.By contrast, spending for adults only in Social Security, Medicare and Medicaid — the major programs that benefit seniors — would rise from 7.6% to 9.5% of the economy.

"Despite frequent rhetoric from policymakers on the priority given to children, the federal budget makes fairly clear that children are less of a priority and more of an afterthought," the report says...When state and local spending on education and other programs is added, children's share rises. But Maya MacGuiness, president of the Committee for a Responsible Federal Budget, said spending on seniors remains at least three times… more

NY Times Profiles New America's Ten Big Ideas Event with Sen. Clinton

Communications — Wed, 31 Jan 2007 19:43:00 -0500

At a conference devoted to “big ideas” for the nation’s future, Senator Hillary Rodham Clinton said this morning that compromise need to be “a goal – not a dirty word” in politics and government, remarks that reflect her own pragmatic style but that are more moderate than the views of some of her rivals and hard-core elements of the Democratic primary electorate.With some of her 2008 presidential opponents offering sharply partisan messages, and another of them, Senator Barack Obama of Illinois, seeking to transcend partisanship, Mrs. Clinton staked her place in the middle of the political rhetoric as she tries to appeal to broad swaths of the American electorate – even at the risk of alienating some Democratic primary voters.“I don’t think Americans are looking for some kind of group-hug bipartisanship – I think they’re looking for leaders who can get back to reality-based policy-making,” she said at the New America Foundation’s “Ten Big Ideas for a New America” conference in Washington, a few blocks from the Capitol.“The answer is not that we’re going to get rid of partisanship — as long as there are human beings jousting for influence and position,… more

Maya MacGuineas on Social Security Reform in US News & World Report

Communications — Wed, 25 Oct 2006 01:40:00 -0400

In a television interview last weekend, President Bush said Social Security reform was "still alive" and again declared that it would be one of his top goals when the next Congress convenes. Of course, that's what Bush said right after the 2004 election. And despite pushing the issue hard and personally campaigning for it around the country–60 cities in 60 days in early 2005–the idea's beta version never really took off with the American people, and no legislation was ever submitted. So, what are the chances of reform happening in a Congress that will almost certainly be less hospitable to Bush than the current one?...

Striking a deal isn't an absolute impossibility. To prove that a bipartisan agreement is possible if the will is there, Maya MacGuineas, president of the Committee for a Responsible Federal Budget at the New American Foundation think tank, decided to run a little experiment last winter. MacGuineas, a former Social Security adviser to Sen. John McCain's 2000 presidential campaign, brought together Jeffrey Liebman, a former aide to President Clinton, and Andrew Samwick, a former aide to President Bush, to see if they could hash out a reform plan. Some 50 hours later, spread over several months,… more

Jacob Hacker Interviewed on New Book by The Oregonian

Communications — Sun, 22 Oct 2006 19:40:00 -0400

To hear Jacob Hacker talk, U.S. workers are increasingly being asked to become actuaries for their own economic doom.

Pension plans are evaporating. Health-insurance costs are climbing. More than ever, incomes rise and fall from year to year.

The American middle class feels more on the edge of financial ruin than any time since World War II.

Why? That's the subject of Hacker's new book, "The Great Risk Shift" (Oxford University Press, $26).

The Yale University political science professor and native Oregonian's theory is simple: Government, corporations and insurers once shouldered the costs of workers' retirement, health care and job security. No more, Hacker says. Increasingly, families carry those risks, and they're growing ever-more weary and financially incapable of doing so.

An example: The proportion of families earning between $20,000 and $40,000, without health insurance, has risen from 25 percent in 2000 to nearly 40 percent, he says. "We're seeing problems that were once really confined to the very bottom of our economic pyramid moving up to affect the middle class," he says...

Q: So, there's unrest among the public, but that's not being transferred into political debate?

A: It may be soon. The economy is actually featuring more prominently in this election than… more