Kent Conrad: “You are creating a situation which is probably untenable for our children because of the size of that debt”

It takes guts to do that, and Chairman Arrington, you have certainly led the charge on having a commission.

The new improvised system was not adequate.

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

We tried to include some of these ideas in our Social Security reform package, to actually provide incentives in the system for people to continue to work.