In the his press conference today, the President said, "I have not laid out a plan yet, intentionally." That's odd, because on the White House website, there's a Social Security section called "The President's Plan." Beyond that, we've found that the President employs the word "plan" when stumping about Social Security.
In Shreveport last week, he said:
Secondly, you can pass this account on to whomever you choose. It's yours. Social Security system right now, as you'll hear, isn't fair for people who pass away prior to age 62. The money just goes away. But under this plan, you'll have an asset base, something you own, something you can leave to whomever you choose.
If you're a worker making $35,000 over your lifetime, and this plan says you can take 4 percent of your payroll taxes and set it aside in a personal savings account, that by the time you retire, having invested in conservative stocks and bonds, you will have a capital base of $250,000 in your personal account.
The White House "fact" sheet on Social Security says:
If you're a worker making $35,000 over your lifetime, and this plan says you can take 4 percent of your payroll taxes and set it aside in a personal savings account, that by the time you retire, having invested in conservative stocks and bonds, you will have a capital base of $250,000 in your personal account.
In North Carolina:
By the way, our plan is one where I believe we ought to phase in the accounts so they're more affordable, so that the transition costs are more manageable to get to such accounts.
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