I feel some ambivalence toward my friend from Arizona. As he knows, I have cosponsored this before. Logic is totally on his side. Money is not. I know there is a disagreement in estimates. There is no question the bill has to lose some money. Whether it loses $26.4 billion over 5 years as is estimated, or whether there will be a sufficient change of behavior so it loses less than that because people go to work and they pay taxes--I do not know. There is no question it loses some money. But logic and fairness is on the side of the Senator from Arizona. We do not say to somebody who has a private pension from an insurance company ``You have worked all your life. You retire when you are 65.'' The insurance company says ``We will pay you $1,000 a month. And, by the way, if you go to work after you have retired at Disney or McDonald's, we are going to reduce your insurance company pension a bit.'' We do not do that. And there is no reason why we should do it with Social Security. So, as I say, I come with some ambivalence. I know there is a loss of money and we will have to make up the money. But equity is on the side of the Senator from Arizona.
Editor's note · Context
Discussing the financial implications of a bill related to Social Security.
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