Jeb Hensarling: “if for whatever reason we choose not to reduce benefits when we can use the least creative approach that has ever come…”

“if for whatever reason we choose not to reduce benefits when we can use the least creative approach that has ever come out of Washington, D.C., and that is increase taxes, if we decide to try to solve this sea of red ink by raising taxes again, younger workers today will see their payroll taxes increase by 43 percent. I mean 43 percent, what a staggering tax increase on young families. I mean, what is that going to do for people who are trying to buy a home or start a family, and what is that going to do to job creation in America? It would be a crushing tax burden. But at the end of the day, there are only three options if we are going to save Social Security as we know it for future generations. We are either looking at a massive tax increase, we are looking at a massive benefit cut, or we are looking at something else that the President is leading on, and that is having something called a personal retirement account, something that is going to have real assets in it that people own, that families can create a nest egg with, their own nest egg that will grow over time, and using something that Albert Einstein once called the greatest discovery he ever made in his life, and that was compound interest. And I believe that that is the option that we should begin to look at as a Nation, personal saving accounts. And again I want to reiterate a couple of principles. No one is talking about changing Social Security.…”