He’s been making the rounds trying to sell his Social Security Reform Proposal. On one of his stops a woman in the audience said: “I don’t really understand.” She asked: “How is it the new plan is going to fix the problem?” This was his verbatim response:
Because the — all which is on the table begins to address the big cost drivers. For example, how benefits are calculated, for example, is on the table. Whether or not benefits rise based upon wage increases or price increases. There’s a series of parts of the formula that are being considered. And when you couple that, those different cost drivers, affecting those — changing those with personal accounts, the idea is to get what has been promised more likely to be — or closer delivered to that has been promised. Does that make any sense to you? It’s kind of muddled. Look, there’s a series of things that cause the — like, for example, benefits are calculated based upon the increase of wages, as opposed to the increase of prices. Some have suggested that we calculate — the benefits will rise based upon inflation, supposed to wage increases. There is a reform that would help solve the red if that were put into effect. In other words, how fast benefits grow, how fast the promised benefits grow, if those — if that growth is affected, it will help on the red.
Will somebody please wake me when it’s over?