Jeb Hensarling on Social Security

Last Updated : Aug 09, 2010

Summary

Congressman Hensarling has stated that he supports a partial privatization of social security which would allow US citizens to control a portion of their savings in private accounts.

 

Privatization of Social Security

In February of 2010, Congressman Hensarling spoke about the need to reform entitlements and possibly cut benefits in the future if it means saving the system.

 

Sponsored and Cosponsored Legislation

Session-109; Bill Number-H R 1776; Social Security Personal Savings Guarantee and Prosperity Act of 2005 - Cosponsor

The Social Security Personal Savings Guarantee and Prosperity Act of 2005 would have created private savings accounts for anyone born after 1950.

Session-109; Bill Number-H R 1776; Social Security Personal Savings Guarantee and Prosperity Act of 2005 - Cosponsor

This legislation, proposed by Congressman Paul Ryan was an early precursor of the Social Security section of the Path to Prosperity - also known as the Paul Ryan Plan. This legislation allows for people under the age of 55 to place some of their funds into a private account system if they chose to do so. The system creates a tiered set of accounts and invests those accounts according to the age of the person, adjusting risk accordningly. It ensures that no funds paid into social security are used for other spending items.

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