As I think all Americans understand on both sides of the aisle, the Social Security system as it is structured today is a pay-as-you-go system.
Quotes about pay-as-you-go (8 Quotes)
This is definitely a pay-as-you-go plan. We're not going to put the club into debt over this.
Since 1935, this has been a pay-as-you-go system, and I always believed when I first started talking about Social Security that there was a little box that had my name on it and it had my benefits for when I retired. That is not true.
Under the current pay-as-you-go Social Security system, not one person is actually guaranteed benefits.
The budget enforcement rules of the 1990s were an important part of getting the budget back into balance. It was done on a bipartisan basis. Those pay-as-you-go rules were tested and they worked. We are now in a one-party system, and we have thrown them out.
The American people expect more from Congress. They expect fiscal responsibility and common sense. They expect us to return to the pay-as-you-go budget rules that we had enacted in the past that helped us establish a surplus, however briefly.
We would like to see some of that money spent as pay-as-you-go for capital expenditures. We are so far behind both in our growth for capital outlay and meeting class size that we've got to come up with some substantial dollars in this year, and that would be one way to do it.
Social Security modernization will result in a retirement system that is stronger and more fiscally sound than the pay-as-you-go system we have today.