Had we not done what we did, I believe there would have been a global financial collapse.
Editor's note · Context
Conrad emphasizes the necessity of government intervention to prevent a financial disaster.
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We very much see it as a package. That is the way it was negotiated, and this was a difficult negotiation to get 18 of the 19 to agree representing all points on the political spectrum.
It was incredibly important that we not only made Social Security solvent, but we lifted the bottom 20 percent dramatically.
We all know that Social Security is going to have to be dealt with, or we are going to face by 2034 at the latest--many of us believe it will be earlier than that---an across-the-board 23-percent cut.
You know, we did have discussions. One of the things on this commission, because of its makeup and the diversity of views on this commission, and the extraordinary difficulty of coming together on Social Security, which we thought was the…





