Kent Conrad: “If the first $350 billion had not gone out, I believe the financial system would be in collapse today.”

The new improvised system was not adequate.

Social Security's financial challenge affects nearly our entire society, and the solutions will require a broad-based approach.

What is realistic is to deal with these changes in a way that does expand access, that does expand the opportunity for people to participate in a retirement plan at work.

It was incredibly important that we not only made Social Security solvent, but we lifted the bottom 20 percent dramatically.