Women's Issues in the Debate
Vice Presidential Debate Excerpt: Social Security
The complete transcript of the Vice Presidential debate is available from the The Commission on Presidential Debates
Bernard Shaw:
We all know Social Security is the
backbone of the retirement system in our nation. Can either of you
pledge tonight categorically that no one will lose benefits under your
plans?
I can pledge ... categorically
that no one will lose benefits
under our plan for Social Security
as far forward as 2054.
|
Joe Leiberman
Yes, indeed. I can pledge to the American people categorically that no
one will lose benefits under our plan for Social Security as far forward
as 2054. And let me come back and say, Bernie, that Al Gore and I view
Social Security as probably the best thing the government did in the
second half -- the last century. It has created a floor under which
seniors cannot fall, and so many of them depend on it for their basic
living, for their livelihood. It's critically important to protect it.
That's why Al and I have committed to putting that Social Security
surplus in a lockbox, not touching it. That's what allows us to keep
Social Security solvent to 2054. Our opponents have an idea for
privatizing Social Security that will jeopardize Social Security payments
to recipients. And I looked at this idea. If I may use an oil industry
analogy, which is to say that sometimes as you know, Dick, better than I,
you have to dig deep whether there's oil in a well. For a while I was
drilling into this idea of privatization of Social Security. It requires
taking as much as a trillion dollars out of the Social Security fund.
The independent analysts have said that would put the fund out of money
in 2023, or if it's not out of money, benefits will have to be cut by
over 50%. That's just not worth doing. Al Gore and I are going to
guarantee Social Security and add to it the retirement savings plan that
I mentioned earlier which will help middle-class families looking
forward. They will have not only Social Security, but a superb extra
retirement account as well. Social Security plus with us. With all due
respect, Social Security minus from the Bush-Cheney ticket.
Allow our young people to
take ... 2% of it, and
invest it ... That becomes
their property. They own it.
|
Dick Cheney
You won't be surprised if I disagree. The Social Security system is in
trouble. It's been a fantastic program and been there for 65 years that
has provided benefits for senior citizens over that period of time. For
my parents. It means a great deal to millions of Americans. And
Governor Bush and I want to make absolutely certain that the first thing
we do is guarantee the continuation of those payments, those benefits and
keep those promises that were made. But if you look down the road, you
say you're 30 years old today, and I have two daughters about that age.
They seriously question whether or not there will be any system left for
them. That's because the demographics that work out there, it's almost
an iron law. They know how many people there are, we know when the baby
boom generation is coming along it will drive the system into bankruptcy
unless we reform and deal with it. The reform we would like to offer is
to allow our young people to begin to take a portion of the payroll tax,
2% of it, and invest it in a personal retirement account. That does
several things. First of all, it gives them a stake in the Social
Security system. That becomes their property. They own it. They can
pass it on to their kids if they want. They don't have that kind of
equity in Social Security today. Secondly, we can generate a higher
return off that investment than you get in the existing system. You get
about a 2% return of what you pay into Social Security. We can generate
at least 6%. At least three times what we're able to get now. And
long-term by generating a bigger return, we'll put additional funds into
the system that will help to survive that crunch that is otherwise going
to hit in the future. Bottom line is there's a choice here. With
respect to Al Gore and Joe's plan, they don't reform Social Security.
They add another huge obligation on top of it that future generations
will have to pay. They don't reform it and don't save it. We have a
plan to do that and a plan to give our young people a choice and more
control over their own lives.
More Vice Presidential Debate Excerpts
Abortion
Education
Gay/Lesbian Issues
Working Women
Back to Women's Issues Debate Index
Discuss the debate in the forum, or join one of the other current discussions:
