Strengthening Constitutional Self-Government

No Left Turns

Bill Clinton on Social Security

Bill Clinton in 2002:

When I left office, there was enough money to keep Social Security going till 2053, enough money to keep Medicare going tail 2027, through half the life of the baby boomers. I don’t know what the latest numbers are going to show but they won’t be good. If we don’t modify the tax cut to have more tax cuts now but we reinstate fiscal responsibility over the long run, we’re going to be in real trouble there. So, what’s our option? If you don’t like privatizing Social Security and I don’t like it very much, but you want to do something to try to increase the rate of return, what are your options? Well one thing you could do is to give people one or two percent of the payroll tax, with the same options that Federal employees have with their retirement accounts; where you have three mutual funds that almost always perform as well or better than the market and a fourth option to buy government bonds, so you get the guaranteed social security return and a hundred percent safety just like you have with Social Security. (via Instapundit)

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