Political Quotes

“a lot of problems face this country and certainly face our administration. One of those problems is keeping Social Security solvent. This affects everybody, not only existing retirees, but the young, middle age and future generations. What is going to be their future in terms of working and paying taxes and, maybe or maybe not, getting Social Security benefits when they retire? Social Security probably is one of this country's most successful programs in terms of helping people retire with some security. When we started Social Security in 1935, when Franklin Roosevelt decided we should have a program to force savings and pay for some disability insurance while you are working, rather than risk the poor house. At that time, there were something like 52 workers for each Social Security retiree. Remember, it is a pay-as-you-go program; existing current workers, pay in their Social Security tax and that tax immediately goes out to pay benefits for existing retirees. By the time we got to 1940, there were 38 people working paying in their taxes for every one retiree. This year we have three people working, three people working, paying in their taxes to cover each retiree's benefits. A couple of things have happened. Politicians in this chamber, the Senate and the presidents decided to increase benefits over the years because it was popular. When there was not enough money, they increased taxes and borrowing.”