Rob Portman: “What we are doing through these other two means, one, increasing what can be saved for retirement through a 401(k) or…”

“What we are doing through these other two means, one, increasing what can be saved for retirement through a 401(k) or defined benefit plan; and, second, improving what you can save individually through your personal savings. We are helping everyone to have a more secure retirement. We are going to continue to work on that. With regard to the third leg, Social Security, we are suggesting that the program needs to be strengthened and improved. Here are the alternatives. We can raise payroll taxes dramatically, and already payroll taxes are the most regressive tax out there, already too high. Most people around America pay more in payroll taxes than they do in Federal income taxes. Or, we can reduce benefits. We do not think that benefits ought to be reduced or payroll taxes ought to be increased to the substantial level that they would have to be in order to sustain the program. Instead, we think we ought to look at more creative ways to be absolutely sure that every senior has retirement security.”