Democratic Primary Debate at The Citadel, sponsored by YouTube and CNN: on Social Security

Barack Obama: No privatization; but consider earning cap over $97,500

A: I think that it is an important option on the table, but the key, in addition to making sure that we don’t privatize, because Social Security is that floor beneath none of us can sink. And we’ve got to make sure that we preserve Social Security is to do the same thing that Ronald Reagan and Tip O’Neill were able to do back in 1983, which is come up with a bipartisan solution that puts Social Security on a firm footing for a long time.

Bill Richardson: Stop talking about privatization; stop raiding trust fund

A: The best solution to those two issues is a bipartisan effort to fix it. 33% of Medicare cost is diabetes. Let’s have major prevention programs, and also ways that we can ensure that we find a cure. And stop raiding the Social Security trust fund. Stop talking about privatization. And then thirdly, let’s look at a universal pension, 401(k) universal pension, that would assure portability for those that want to keep their pensions as they move into other professions. But what we need is a bipartisan effort. Put this issue aside. If I’m president, I would take this issue and I would say, Republicans, Democrats, within a year, let’s find a solution. No politics. This is the safety net of this country.

Chris Dodd: No privatization; but raise earning cap over $97,000

A: I don’t disagree with that. This is an issue that comes to a head by the year 2040. Obviously, I think it would be important to start to address the issue. Certainly, we have no ideas, and I would be totally opposed to the privatization of Social Security. That is a very bad idea and I am glad we rejected it. But one of the ideas is to raise that level above $97,000.

Q: Do you support that?

A: I would support that. That is one of the solutions that would make a lot of sense to me to make the trust fund whole.