Byron Dorgan: “I wish to comment today on this issue of credibility with respect to the Presidential race in our country. I know there…”

“I wish to comment today on this issue of credibility with respect to the Presidential race in our country. I know there has been a lot of discussion about credibility on one side or another. I wish to talk about the issue of credibility with respect to Social Security. Some while ago, Governor Bush of Texas, who is running for President, suggested we should take about $1 trillion--about one-sixth of the tax moneys that are coming into the Social Security system--and invest it in private individual accounts in the stock market. On May 30th, Senator Schumer and I were joined by twenty of our colleagues in sending a letter to Governor Bush asking how that added up and how he would replace the $1 trillion that would be a shortfall in the Social Security trust fund used to pay the Social Security benefits of those who are retired. We have not yet received a reply in the intervening months. And the Presidential debates did nothing to illuminate what might or might not be on the mind of the Governor with respect to that $1 trillion. But this is not a case of double-entry bookkeeping, as understood by politicians, where you can use the same money twice. You cannot use the same money twice.…”