Kent Conrad: “Thanks again, Mr. Chairman. And I didn't have a chance to thank specifically my colleague Senator Klobuchar for being…”

There is going to be a 23-percent cut across the board by 2034.

If we are going to make this whole system solvent, it is going to take everybody to give a little bit.

We also increase the payroll tax very modestly, from the current combined rate of 12.4 percent to 13.4 percent over 10 years.

Things are changing very rapidly, and it presents us with a requirement to change how we envision retirement as well.