The Social Security Trust Fund

Arlen spills the beans?

One phrase heard often the past couple of weeks is The Social Security Trust Fund. But WaTi publishes today a Feb. 4 interview with the senior senator from the Commonwealth of Pennsylvania, Arlen Specter (all typos in the horribly edited original):

.... Q. Do you agree with the president's plan for changing Social Security?

A. I'm waiting for a specifiation and the details. I have an open mind on it. I'm not going to give the president a blank check, nor am I going to line up with the people who say they're unalterably opposed. I'm against cutting Social Security benefits. I'm against borrowing extensively. But I want to see what the presient has in mind.

Q. Do you support private accounts?

A. I'm prepared to listen.

Q. You sound skeptical.

A. Well, I'm prepared to listen to see how they would be done. How will they be financed? How much money will it take out of the system? We pretty much a pay-as-you-go program, paying out as the contributions are made. How will it work? People are talking about gigantic borrowing. I'm not for that....

A pay-as-you-go program? We're paying out as the contributions are made?

But... but... but... what about the The Social Security Trust Fund?

Lane Core Jr. CIW P — Tue. 02/08/05 05:35:23 PM
Categorized as Political.