Karen Thurman: “It may be called something else, but the fact of the matter is it is the dollars that are going to have to be spent to…”

“It may be called something else, but the fact of the matter is it is the dollars that are going to have to be spent to cover those people that are on Social Security today and within the system. Now to that, one of the things that John Mueller talked about specifically was these other studies and why these other studies were wrong when looking at the Social Security system, specifically as we privatize or if it were to be privatized. And they said that these are some of the issues that were left out of their models. And maybe you can help me with this, that they have left out or underestimated transition costs, which would be this transition tax, and administrative fees for private accounts, that they have used a so-called typical household that in reality does not parallel the actual earnings or employment history of most workers. And, three, they have used exceptionally high projections for market returns that do not track with the extremely slow economic growth or cash used by the Social Security actuaries when we are predicting the future of Social Security funding.”