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Mitt Romney on Social Security

Social Security is a social insurance program officially called "Old-Age, Survivors, and Disability Insurance" (OASDI), in reference to its three components. It is primarily funded through a dedicated payroll tax. The debate over social security is largely in how and who will control these accounts. The candidates offer many prescriptions which run the spectrum between private and public control of social security.

The issues

Mitt Romney strongly supports privatizing social security through personal Social Security accounts

Romney says the solution should "make sure that we honor the expectations" of those who are already getting Social Security and those who are about to get regular Social Security checks from the government, while at the same time ensuring the system will be solvent when the 30- and 40-year-olds of today reach retirement age.

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"One thing that the president proposed [on Social Security] that is a good idea is to take some of that money, or all of that surplus money and allow people to have a personal account. So they can invest in things that have a higher rate of return than just government debt. They can invest in things like our stock market or the world's stock market...so that they can get a better return, and maybe that would make up for some of the shortfall. That's a good idea. What the Democrats would like to do is simply raise taxes. And their answer almost all the time is just raise taxes."

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Mitt Romney strongly opposes raising the earnings cap on Social Security, which is currently $102,000

"We can reform our social security program. There are a number of levers we can pull. I do not like the lever of raising taxes, I think that should be eliminated as the possible course, but there are other suggestions...."

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"Romney has ruled out the option of raising Social Security taxes, embraced the idea of reducing the growth rate of future benefits, and supports personal accounts."

St. Petersburg Times, 08/07/07