Your preznit granted the press the privilege of asking a couple of questions this morning.
Q The transition to personal accounts may cost $2 trillion. Can the country afford to borrow that much?
THE PRESIDENT: I think what’s really important in the discussions is to understand the size of the problem. And that is we are faced with a present value of unfunded liabilities of about $11 trillion. What’s important, Steve, is before we begin any discussion is to understand the scope of the problem. And that’s why these trustees are vital in helping educate the American people, and Congress, as to the size of the problem. And I will not prejudge any solution. I think it’s very important for the first step to be a common understanding of the size of the problem; and then for members of both parties, in both bodies, to come together, to come and listen to the options available.
We have got a member of what was called the Moynihan Commission with us. They studied this problem in detail. They made some suggestions about how to move forward in solving the problem. Much of my thinking has been colored by the work of the late Senator Moynihan and the other members of the commission who took a lot of time to take a look at this problem, and who came up with some creative suggestions.
And so I look forward to working with Congress to address this issue in a straightforward manner.
Thank you all.
Q Are you against any withholding tax increase to pay for the transition, sir? Are you against —
THE PRESIDENT: We will not raise payroll taxes to solve this problem.
Looks like the only solution the preznit will “prejudge” is the one that will not pass the costs of this sham reform on to future generations.
Fiscal child abuse, anyone?