Bob Filner: “I support one thing the gentleman preceding me in the well said: let us stop the scare tactics. The scare tactics are…”

“I support one thing the gentleman preceding me in the well said: let us stop the scare tactics. The scare tactics are contained in this report of the so-called Commission to Save Social Security. It is the Commission to privatize Social Security, not with aggregate investments, but with individual accounts, so Wall Street can better profit by charging 250 million people a little bit of money every month, reducing their benefits, ultimately, by 40 percent. This report, for the first time in the 225-year history of the United States of America, is questioning whether or not the Federal Government will make good on its debts. Guess where the money in these accounts came from? He is saying, we are going to have a cash flow problem. Yes, Americans have been saving. We have been paying more taxes every year than are necessary to support Social Security with the idea that that money was put on deposit for future generations. This fund in 2016 will have more than $5 trillion, and $5 trillion of what? Of securities against the Federal Government.”