Let me just say the text of the analysis from Macroeconomic Advisers makes clear they believe the long-term impact is negative. Because of the crowding-out effect, because it is borrowed money, it is because that reduces the pool of societal savings. I have loads of other economic analysis that concludes the same thing. It is what I believe. I think it is a mistake. That is where we differ.
Discussing the long-term economic impacts of a policy during a Senate debate.
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We did a whole series of things in our Social Security reform not to discourage people from working, but to encourage them to continue working if they are able to do so.
We admire that, and I can say on both sides of the aisle, people recognize the job he did as Budget Committee Chairman.
Social Security's financial challenge affects nearly our entire society, and the solutions will require a broad-based approach.
If we are going to provide tax incentives for people to have retirement savings, then it should not be used as a piggy bank to pay for other things.
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