Frank Pallone: “I agree. I am going to sound very partisan, but both President Clinton and Vice President Gore were suggesting that…”

“I agree. I am going to sound very partisan, but both President Clinton and Vice President Gore were suggesting that there be a private pension system over and above Social Security. That is the only way we could actually accomplish this. Americans would still get their Social Security benefits, but then Americans put money aside into their own pension system which is matched with Federal dollars and then there is something beyond. But the only way to create that is if we bring new money into the system either because the individual is contributing it during their working years or the government matches. We cannot take it out of the existing trust fund without impacting the trust fund. That is why they have to claw back, obviously.”