JS-2260: MEDIA ADVISORY <script type="text/javascript"> var wmNotice = "UNT Web Archive - External links, forms, and search boxes may not function within this collection. Url: http://treasury.gov/press/releases/js2260.htm time: 22:22:17 Jan 09, 2009"; var wmHideNotice = "hide"; var contextRoot = "https://webarchive.library.unt.edu/eot2008/"; </script> <script type="text/javascript" src="https://webarchive.library.unt.edu/eot2008/js/disclaim.js"></script> <BR>Secretary Snow To Visit Wall Street This Week to Discuss Security



	FROM THE OFFICE OF PUBLIC AFFAIRS February 16, 2005 JS-2260 MEDIA ADVISORY Secretary Snow To Visit Wall Street This Week to Discuss Security Treasury Secretary John W. Snow this week will meet with financial sector leaders about the need to strengthen and preserve the U.S. Social Security system. He will travel to New York City on Thursday and Friday, February 17-18. "The Social Security program was one of the great moral successes of the 20th century," said Secretary Snow. "While Social Security is sound for today's seniors and for those nearing retirement, it needs to be fixed for younger workers – our children and grandchildren." The government has made promises it cannot afford to pay for with the current pay-as-you-go system. In 1950, there were 16 workers to support every one beneficiary of Social Security. Today, there are only 3.3 workers supporting every Social Security beneficiary. In 2008 – just three short years from now – baby boomers will begin to retire. And over the next few decades, people will be living longer and benefits are scheduled to increase dramatically. By the time today's youngest workers turn 65, there will only be 2 workers supporting each beneficiary. Under the current system, today's 30-year-old worker will face a 27% benefit cut when he or she reaches normal retirement age. During his visit, the Secretary will discuss President Bush's pledge to work with Congress to find the most effective combination of reforms. "As we fix Social Security, we must make it a better deal for our younger workers by allowing them to put part of their payroll taxes in voluntary personal retirement accounts," Secretary Snow said. "The money would go into a conservative mix of bond and stock funds that would have the opportunity to earn a higher rate of return than anything the current system could provide. That savings would provide a nest egg to supplement that worker's traditional Social Security check, or to pass on to his or her children." At the conclusion of his trip to New York, Secretary Snow will tour a trading floor and then conduct a press availability to discuss the need to fix the Social Security system as well as his meetings on Wall Street. The following event is open to media with official media credentials: Friday, February 18 Tour of Lehman Brothers' trading floor Lehman Brothers 745 7th Avenue (between 49th & 50th) New York, NY 11:00 am EST Media must RSVP to Kerri Cohen, 212-526-4092 Media must arrive by 10:45 am in main lobby ** Press availability will occur immediately following the tour