Monday, February 07, 2005

Bill Clinton on Social Security Options 

Glenn Reynolds points to a transcript of a speech given in 2002 by Mr. Clinton containing the following quote:
So, what's our option? If you don't like privatizing Social Security and I don't like it very much, but you want to do something to try to increase the rate of return, what are your options? Well one thing you could do is to give people one or two percent of the payroll tax, with the same options that Federal employees have with their retirement accounts; where you have three mutual funds that almost always perform as well or better than the market and a fourth option to buy government bonds, so you get the guaranteed social security return and a hundred percent safety just like you have with Social Security.

I have thought for some time that one of the main reasons the Congressional Democrats are so vehemently opposed to Bush's Social Security ideas is that they don't want a Republican president and Congress to get the credit for fixing the problem.

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