Gore Pledges to Save Social Security Without Privatization

August 21, 2000

In his speech accepting the Democratic nomination for the presidency, Vice President Al Gore contrasted his approach to Social Security with that of Texas Gov. George W. Bush, who has pledged to allow workers to invest a portion of their payroll taxes in personal retirement accounts. Gore's comments regarding Social Security are as follows:

"I'll fight for a new, tax-free way to help you save and build a bigger nest egg for your retirement. I'm talking about something extra that you can save and invest for yourself. Something that will supplement Social Security, not be subtracted from it.

"But I will not go along with any proposal to strip $1 out of every $6 from the Social Security trust fund and privatize the Social Security that you're counting on. That's Social Security minus. Our plan is Social Security plus. We will balance the budget every year and dedicate the budget surplus first to saving Social Security.

"Putting both Social Security and Medicare in an iron-clad lockbox where the politicians can't touch them--to me, that kind of common sense is a family value. Hands off Medicare and Social Security trust fund money. I'll veto anything that spends it for anything other than Social Security and Medicare."

Click here for the full text of Vice President Gore's speech.

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