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February 23, 2005
Clinton on Private Accounts
Below is a quote from Clinton in 2002 on reforming Social Security. He's against privatization but for private accounts.
Today, a little more than two years after Clinton's remarks, Democrats in the House and Senate are trying to equate the two for political gain. But everyone needs to keep in mind the following: Allowing individuals to keep a portion of their payroll taxes in an individual account is not equivalent to getting the government out of Social Security.
Clinton grasped this concept. Here is his quote:
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.
You can't just attack the other guy's ideas unless you have something to say.
Posted by Peter Mork at February 23, 2005 9:55 AM
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