Chuck Hagel: “I thank the Chair. We know there is an anticipated projection of a $2.3 trillion surplus in Social Security trust funds…”

“I thank the Chair. We know there is an anticipated projection of a $2.3 trillion surplus in Social Security trust funds over the next 10 years. But we do know that if, in fact, we are to reform Social Security, whatever projected surplus occurs must remain in Social Security. Second, we must reform Social Security in a way that starts to develop personal wealth. Personal retirement accounts would harness the power of private markets and compounding interest, providing a much higher rate of return on each individual's investment. This also gives ownership to each individual, meaning choices and more responsibility for their own economic future. The changes we make to Social Security should not affect current or soon-to-be beneficiaries. We can create a system that still provides a safety net for those who are most vulnerable in society but offers younger workers the opportunity to create wealth and save for their futures. Finally, the Social Security system we now have affects all Americans. It will continue to affect all Americans. The decisions we make today will profoundly affect the lives of all Americans. We must not squander the time we now have to deal with the solvency of Social Security. I strongly urge my colleagues to vote in favor of the passage of this relevant, important, and timely legislation.”