Rep. Fossella Argues for Personal Retirement Accounts

September 4, 2002

Appearing on CNN's Crossfire, Rep. Vito Fossella (R-NY) argued for Social Security choice. Excerpts follow:

Carville: Congressman Fossella, the President's plan to privatize Social Security by all estimates will cost at least a trillion dollars. Do you think it's wise to privatize Social Security and put us another trillion dollars in debt or do you oppose the president's plan to privatize Social Security?

Fossella: You throw numbers around, but no, I happen to the think the President is on the right side of history here. And I think the more your empower American people, the more you give them the opportunity to invest on their own and being in control of their own destiny and their own retirement, the better off we'll be.

Obviously, it's not coming up any time soon. But I happen to believe in the power and the freedom of the American people that when you give them the opportunity...

Carville: Would you bring it up between now and the election, say?

Fossella: Would I bring it up?

Carville: Why don't you make -- yes, if it's a great proposal, why are we waiting on it? Why don't we just let this go forward and let people decide what they want?

Fossella: No, I think...

Carville: See if they want another trillion dollars in debt.

Fossella: Again, I think you take the position to the deny the people the right to invest on their own. I happen to believe -- I believe in the intelligence of the American people. And we've seen the growth in the number of investors that have -- have really resonated. You know, years ago when Social Security, for example, first came aboard the passbook (ph) savings rate was about the only vehicle for investment.

Now we see folks with 401 (k)s, mutual funds, and that's given -- that's because people, when given the opportunity, know how to control their own lives and their future. And I think we should err on the side of doing that than saying that the government knows everything and should be in control of every decision that affects every American family.

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