Delaware Today magazine's lead story covers Sam Beard's national campaign to save Social Security and add individual savings accounts. 1996.
Social Security Reform - 6 Key Concepts
Another fortunate accident. In 1991, I was making a presentation about the Jefferson Awards in San Francisco. A co-presenter, Bob Hawkins, was talking about financing welfare mothers in Oakland. Afterwards, we talked and I told him about the National Development Council and our low income financing. On the spot, he asked me to write a book on economic opportunity in America. This led to Restoring Hope in America: The Social Security Solution.
U.S. Senator Bob Kerrey joins as Co-Chair of Economic Security 2000 and adopts the goal of having each American set aside $1,000 per year into an individually owned savings account using existing Social Security taxes. 1996
I knew nothing about Social Security. Going back to Senator Kennedy and the Nixon White House, Louis Kelso had impressed me. Kelso's main point was, "Two thirds of all income comes from working and wages. One third of all income comes from money making money – savings."
My field was economic development. My goal was equity rights. In America, if we fought for civil rights in the 1950's and 1960's, and women's rights in the 1970's and 1980's, why not equity rights in the 21st century? My whole vision was to allow all Americans to set aside $1,000 per year into a savings account they would own. I ended up backwards in Social Security, because low and moderate income people were already paying $1,200 to $2,400 per year in payroll taxes. They didn't have an additional $1,000 to invest in an IRA. And Social Security and its national safety net needed saving after the Baby Boomers retired.
Sam Beard invited to join President Bush in Mississippi to explain Social Security reform. 2004
The book led to a 12-year cause that took us all across America. We raised $2 million per year and held over 5,000 grassroots media events. Five organizations, and no more than 60 people, played a lead role in changing the American dialogue on Social Security. In our judgment, President Bill Clinton would have changed Social Security in 1991, adding the savings accounts. We had impeachment proceedings instead. In 2001, President George W. Bush created his Social Security Commission. The bombing of the World Trade Center on September 11th changed the focus and resources of the presidency. Otherwise we believe that Social Security reform would have been enacted.
Wall Street Journal Op Ed headline and date
Read More:
Wall Street Journal Op Ed [pdf]
Winston-Salem Journal Article [pdf]
Miami Herald Op Ed [pdf]