Political Quotes

“to summarize what the Senator from Arizona has just said, the CLASS Act was sold to the American people as a budget deficit reducer. It was going to reduce the deficit. No sooner was it signed and they started looking at it that the administration itself said: We know it is unworkable, and we abandon it. We are not even going to try to enforce it. Mr. McCAIN. They could have kept it on the books. If it had not been for the amendment of Senator Gregg from New Hampshire which said they had to certify its solvency over a 75-year period, we would have the CLASS Act today, a Ponzi scheme where people would be paying in, and that is scored as revenues, and some years later when they retire, obviously, the reverse would have been true. I have yet to hear one of my colleagues come over and admit that they were wrong about the CLASS Act. I would love to hear some of those who strongly advocated for it. My friend from Iowa, Senator Harkin, said: So we get a lot of bang for the buck, as one might say, with the CLASS Act that we have in this bill. Senator Whitehouse said this: Certain colleagues on the other side of the aisle have argued that the CLASS plan would lead to a financially unstable entitlement program and would rapidly increase the Federal deficit. That is simply not accurate. I look forward to my colleagues who supported and voted for the CLASS Act to come over and agree that it was, as Senator Conrad pointed out, a Ponzi scheme.”