Pres. Clinton's State of the Union speeches: on Social Security

Before Social Security, being old meant being poor

Early in this century, being old meant being poor. Even today, without Social Security, half our Nation's elderly would be forced into poverty.

Today, Social Security is strong. But by 2013, payroll taxes will no longer be sufficient to cover monthly payments. By 2032, the Trust Fund will be exhausted and Social Security will be unable to pay the full benefits older Americans have been promised.

The best way to keep Social Security a rocksolid guarantee is not to make drastic cuts in benefits, not to raise payroll tax rates, not to drain resources from Social Security in the name of saving it. Instead, I propose that we make the historic decision to invest the surplus to save Social Security.

USA accounts: retirement security for the 21st century

Saving Social Security & Medicare, creating USA accounts, this is the right way to use the surplus. If we set aside 60% of the surplus for Social Security and 16% for Medicare, we will still have resources to meet critical needs.