Pearce said the big problem with Social Security is that Congress has robbed funds from the program and needs to refund them so the program can remain solvent.
But when Udall charged Pearce had continuously voted for privatization, Pearce challenged him. "Tell me one piece of legislation," Pearce said, later adding, "You're making stuff up. Tell me one vote, one bill." Udall said Pearce was a supporter of Pres. Bush's plan to privatize social security, which ultimately failed.
Pearce said Social Security has a rate of return of about 1% and supports giving retirees the option of having targeted funds like members of Congress have. "We must improve the rates of return, otherwise Social Security will never work," he said.
Pearce said the big problem with Social Security is that Congress has robbed funds from the program and needs to refund them so the program can remain solvent.
But when Udall charged Pearce had continuously voted for privatization, Pearce challenged him. "Tell me one piece of legislation." Udall said Pearce was a supporter of Bush's plan to privatize social security, which ultimately failed.
Pearce said Social Security has a rate of return of about 1%, & supports giving retirees the option of having targeted funds. "We must improve the rates of return," he said
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