Why shouldn't future generations and young Americans have the choice to earn a higher rate of return? Why shouldn't they be able to own their own Social Security so that Congress can't spend it on other things? ↗
And it's also producing a growth in debt to the United States that will weight very heavily in a country that has to address issues like having more old people to be covered by Social Security or by pension in the future. ↗
For my children, it makes sense to talk about modernizing Social Security, letting them create stronger personal accounts, letting them get a higher rate of return over the long run. ↗
The economist John Maynard Keynes said that in the long run, we are all dead. If he were around today he might say that, in the long run, we are all on Social Security and Medicare. ↗
No matter how you cut it, this real debate on personal accounts is about the legitimacy of Social Security; it's not about the solvency of Social Security. ↗
I do think that Social Security reform needs to be bipartisan, and we are going to have to reach that in this debate at some time before we can find really meaningful reform. ↗
Right now, too many women who reach retirement age find themselves widowed or single, relying on their Social Security check for over half of their income. ↗