John Spencer on Social Security
SPENCER: I would support the concept, that Sen. Clinton calls ruining Social Security, that we can do better than making 2%, as it does now. Any systemic changes obviously must protect the people in the system now. We should look at various programs that allow people some control over their money, with protections and caps in there. They call that privatizing to scare everybody away, but the bottom line is working together so younger generations can make more than 2% on Social Security.
CLINTON: Social Security is one of the greatest inventions in American democracy, and I will do everything possible to protect and defend it. We need to provide some additional opportunities for people to invest, on top of their base guarantee of Social Security, more of a chance to build their nest egg. The risky scheme to privatize would cost between $1 and $2 trillion. That would undermine the promise of Social Security.
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