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January 31, 2005

Democrats on Personal Accounts

Back in an era where Senators and Representatives listened to proposals before opposing them, these Democrats endorsed the idea of personal accounts. Here are their own words. Senators: Sen. Harry Reid (D-NV): “[M]ost Of Us Have No Problem With Taking A Small Amount Of The Social Security Proceeds And Putting It Into The Private Sector.” (Fox’s “Fox News Sunday,” 2/14/99) Sen. Dick Durbin (D-IL) Press Release: “Durbin Said Due To The Increasing Number Of ‘Baby Boomers’ Reaching Retirement Age, Social Security Will Be Unable To Pay Out Full Benefits … But The Sooner Congress Acts To Avert This Crisis The Easier And Less Painful It Will Be.” (Sen. Dick Durbin, “Reforming Social Security,” Press Release, 9/15/98) Sen. Byron Dorgan (D-ND): “Fixing Social Security Is An Urgent Priority. It Ought To Be At The Top Of Both Parties’ Agendas.” (Sen. Byron Dorgan, “Fixing Social Security Must Top Both Parties’ Agendas,” Roll Call, 12/6/99) Sen. Byron Dorgan (D-ND): “The Potential [Social Security] Crisis Should Be Viewed As An Enormous Success, Because It Means That We Are Living Longer And Healthier Lives.” (Betty Mills, Op-Ed, “What Would You Do About Social Security?” Bismarck Tribune, 8/5/98) Sen. Kent Conrad (D-ND): “I Was At The Social Security Summit At The White House, Along With 40 Of My Colleagues, Republicans And Democrats. And There Was Virtual Unanimity Of Opinion That We Simply Have To Get A Higher Return From The Social Security Investments.” (Fox News’ “Special Report,” 1/20/99) House Members: Rep. Sander Levin (D-MI): “People Can See, I Think, A [Social Security] Crisis Where There Immediate Family Is Affected Even If Not Immediately … This Is Something That Affects Almost Everybody’s Immediate Family.” (Richard A. Ryan, “Social Security Reform Stalls,” The Detroit News, 2/2/02) Rep. Charles Rangel (D-NY): “I Am One Democrat That Truly Believes That Democrats Will Not Benefit By Doing Nothing On Social Security.” (Rep. Charles Rangel, Press Conference, 1/21/99) Rep. Edward J. Markey (D-MA): “I Am An Advocate For Investing A Portion Of The Surplus In The Private Sector …” (Rep. Edward J. Markey, Committee On Commerce, U.S. House Of Representatives, Testimony, 2/25/99) Rep. Jerrold Nadler (D-NY): “[I]t’s A Way Of Getting More Money – A Higher Return On The Trust Fund, And Is A Prudent And Good Thing To Do.” (Rep. Jerrold Nadler, Press Conference, 1/21/99) Former Rep. Dick Gephardt (D-MO): “Why Should Social Security Recipients Be Disadvantaged By Not Getting To Be Able To Have Higher Returns Out Of The Stock Market?” (Rep. Dick Gephardt, Press Conference, 1/21/99) Clinton: President Clinton: “[Investing] Will Earn A Higher Return And Keep Social Security Sound For 55 Years.” (President Bill Clinton, State Of The Union, 1/19/99) President Clinton: “[W]hat I Believe We Should Do Is To Invest A Modest Amount Of This In The Private Sector, The Way Every Other Retirement Plan Does. The Arizona State Retirement Plan Does; Every Municipal Retirement Plan Does; Every Private Plan Does.” (President Bill Clinton, Remarks To The Citizens Of Tucson On Medicare And Social Security, Tucson, AZ, 2/25/99) President Clinton: “[E]ven After You Take Account Of The Stock Market Going Down And Maybe Staying Down For A Few Years, Shouldn’t We Consider Investing Some Of This Money, Because, Otherwise, We’ll Have To Either Cut Benefits Or Raise Taxes To Cover Them, If We Can’t Raise The Rate Of Return.” (President Bill Clinton, Remarks Via Satellite To The Regional Congressional Social Security Forums, Albuquerque, NM, 7/27/98) (Hat tip: A Guide To Social Security Reform created at the GOP retreat on Social Security)

Posted by Adam Doverspike at January 31, 2005 2:12 PM | Print

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