Moynihan, Gramm Agree on Need to Revamp Social Security System
A leading liberal and a conservative presidential contender agreed Sunday that the nation’s Social Security system needs an overhaul, especially as aging baby boomers put more pressure on the program.
Sen. Daniel Patrick Moynihan (D-N.Y.) and Sen. Phil Gramm (R-Texas), agreed on the Social Security troubles during an appearance on ABC-TV’s “This Week With David Brinkley.”
In about 15 years, 76 million baby boomers will be tapping the Social Security system for benefits, costing hundreds of millions of dollars, experts say.
“Unless we begin to restructure the system to begin to establish a real trust fund that can invest in something other than government bonds [and] unless we begin to let young people invest more of their money in private retirement, Social Security will have been a godsend to my mother and a disaster for my children,” Gramm said.
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