Debbie Wasserman Schultz: “Absolutely, Mr. Speaker. And that is because they do not want the facts to go out. Because if light is shed on their…”

“Absolutely, Mr. Speaker. And that is because they do not want the facts to go out. Because if light is shed on their proposal, if they are forced to face their accusers, so to speak, if they are forced to respond to people who have the facts, their facts just do not hold up under the sheen of light. So what I started to say a few minutes ago was what his proposal does is, and like I said, I call it a proposal, but I should say his vague outlines of a proposal, he has promoted across the country the concept or the belief that private accounts would be a windfall and has led people to believe that they would both be able to have the money in their private accounts as well as their Social Security benefits, and that is not the case. There would be a commensurate cut in Social Security benefits, about 46 percent, commensurate in proportion to the amount in someone's private account. An average 20-year-old, over their 20-year retirement, would lose about $152,000 in Social Security benefits under the vague outlines of the President's proposal. Let us take disability insurance and survivor benefits, because I am not sure if the gentleman talked about that before I got here; but Social Security provides disability insurance for young families. There is no private insurance plan that could compete with the disability benefits provided by Social Security.…”