Kent Conrad: “When you are borrowing $0.40 of every $1, that cannot continue much longer.”

Millions of Americans are financially unprepared for their retirement.

It lifts the bottom. It asks those of us at the top to take a little less of an increase than we might have expected.

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.

I wish I could look you in the eye and say, you know, if we just had the will, we could reverse this, and we could go back to a time when defined benefit plans were on the increase. I do not think that is in the cards.