Young Oak Kim: “I read a month ago a report that simply says that we live longer, which is good news, and that each beneficiary actually…”

“I read a month ago a report that simply says that we live longer, which is good news, and that each beneficiary actually spends $170,000 more than he or she has contributed in a lifetime. Of course, some people live longer and some people die earlier, but, on average, each senior citizen actually spends $170,000 more than they have contributed in their lifetime. We have to make this up somehow. Part A we know is a payroll tax, 2.9 percent, half and half, employee and employer. Is it fair to raise that? No, I do not think it is right to raise it because why should they pay it? So we have tried to maintain the same tax rate. Part B, one-third, two-third relationship, that must be maintained. That is not fair asking young people to pay more. So we have tried to maintain the same rate. What else can we do, except avoiding all the waste and fraud? We have all the innovative ideas of giving choices to private plans. What really bothers me is our colleagues, the Democrats, come up with this silly $80 billion savings. Come on, that is certainly not enough. They know it. It is clearly stated in the report. That is not going to do anything. It is just a political motivator. Who are we trying to kid? As I said earlier, at the end of 7th year, when the baby boomers decide to retire, how will we do it? By then we will be $300 billion in debt using the 80 plan they are suggesting, which they never had a plan until a couple of weeks ago. Last minute, without any details.”