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Colin Powell on Social Security

Secretary of State (Pres. Bush Cabinet)

 


Hard reality: reduce entitlements or raise taxes

The great domestic political challenge of our time is to reconcile the necessity for fiscal responsibility with the explosive growth in entitlement programs, including Social Security and Medicare, which the needy and the middle class rely on so heavily. Realistically, we have only two alternatives: either we reduce the entitlement system or we raise taxes to pay for it. We cannot keep balancing the books by increasing the deficit. Yet many politicians want to exempt such programs from serious fiscal scrutiny because to do otherwise risks political suicide. However, until our leaders are willing to talk straight to the American people and the people are willing to accept hard realities, no solution will be found to relieve our children and grandchildren of the crushing debt that we are currently amassing as their inheritance. I say all this, of course, fully aware that it is easy for me to do so since, so far, I have never asked anyone to vote for me.
Source: My American Journey, by Colin Powell, p. 591 , Jan 1, 1995

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Page last updated: Oct 26, 2021