Political Quotes

“Social Security has really come to light, so I am going to spend 5 minutes talking about Social Security, the problem and the potential solution, and what the presidential candidates are doing in their suggestions to help resolve this serious problem of Social Security. Mr. Speaker, I came into Congress in 1993; and I introduced my first Social Security bill. I have introduced a Social Security bill every session, and the last three were scored by the Social Security Administration to keep Social Security solvent for the next 75 years. I was selected to be chairman of the bipartisan task force on Social Security. I have found it is sort of like an automobile mechanic, the more the mechanic knows about the inside operations, probably the better he lubricates and adds the oil and greases his car. I am concerned, knowing some of the internal operations of Social Security, that there is a lot of friction there, that it is not solvent. Just briefly, insolvency is certain. We know how many people there are. We know when they are going to retire. We know that people will live longer in retirement. We know how much they are going to pay in and how much they are going to take out. Payroll tax is not going to cover the benefits starting in 2015. It is a pay-as-you-go program. Current workers pay in their tax, and it is almost immediately sent out to current retirees.”