Political Quotes

Nick Smith: “If we can convey one message, it is that Social Security has real problems. I think the temptation in a political…”

On the recordMarch 6, 2002
If we can convey one message, it is that Social Security has real problems. I think the temptation in a political election year is for anyone that comes up with suggestions on how to solve Social Security, how to keep it solvent, to criticize them, to maybe win some points from seniors by scaring seniors that their retirement benefits might be in jeopardy with any change. ... the unfunded liability of Social Security right now in today's dollars is $9 trillion. That means we would have to take $9 trillion, put it in a bank account with a return of approximately 4 percent to accommodate the money that we are going to need over and above the FICA tax, the money coming in, the Social Security tax, to pay Social Security taxes in the future. That is if we do nothing.
Said by
Nick Smith
Republican · Michigan
Source
govinfo.gov

Editor's note · Context

Discussing the financial challenges facing Social Security during a Special Order.

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