Leading Democrat Claims Social Security In Crisis – Calls For Private Sector Investment
Monday, January 31, 2005
Today, Social Security is strong. But by 2013, payroll taxes will no longer be sufficient to cover monthly payments. And by 2032, the trust fund will be exhausted, and Social Security will be unable to pay out the full benefits older Americans have been promised.
The best way to keep Social Security a rock-solid guarantee is not to make drastic cuts in benefits; not to raise payroll tax rates; and not to drain resources from Social Security in the name of saving it.
Specifically, I propose that we commit 60 percent of the budget surplus for the next 15 years to Social Security, investing a small portion in the private sector just as any private or state government pension would do. This will earn a higher return and keep Social Security sound for 55 years.
Now, these changes will require difficult but fully achievable choices over and above the dedication of the surplus. They must be made on a bipartisan basis. They should be made this year. So let me say to you tonight, I reach out my hand to all of you in both houses and both parties and ask that we join together in saying to the American people: We will save Social Security now.
Who are we quoting - Bill Clinton – State of the Union Speech - January 19, 1999
Did you hear the Democrats and their fellow travelers calling Bill Clinton a liar when he said Social Security needed to be saved? Or that he was just paying off his wealthy Wall Street friends when he suggested a portion of Social Security funds be invested in the private sector?
No of course not. There is a difference of course – Clinton’s idea would have given the government ownership and control of the private sector Social Security investments and any tax surplus. President Bush’s idea would give the taxpayers ownership and control of the money. Loss of government power and control over taxpayer money is something the Democrats can not tolerate.
As the Democrats fight President Bush on Social Security reform, launch campaigns to scare seniors into believing their benefits will be cut and younger workers that the risky scheme will leave them destitute in old age, ask yourself, who are they fighting for? Are they fighting for you or for the government?
