Herman Cain on Social Security

Last Updated : Sep 19, 2011

Summary

Herman Cain is a strong advocate of addressing the insufficiencies in social security both to ensure that the program can continue and to end the danger that the program represents to the national debt. He has stated that the program represents an irrefutable financial crisis. He applauded President Bush for at least attempting ro address the looming problem by allowing people to place a portion of their funds into private accounts.

To address the crisis, Herman Cain supports allowing younger people to opt out of the program and send at least a portion of that money to personal savings accounts. He states that the social security tax would still apply to facilitate the payments already owed and that anyone over 55 would be alllowed to remain in the program and receive full benefits. He does not support placing the funds into stock market accounts that are controlled by managers, but simply allowing people to place a portion of their funds into their personal accounts.

As the 2012 campaign has progressed, Cain has advocated for a system similar to the one used in Chile. This system would allow people to opt out of social security in favor of private retirement accounts. 

 

Leadership is W.A.R.

In March of 2006, Herman Cain wrote an article discussing leadership in three areas: Working on the right problem, Asking the right questions, and Removing barriers. Part of that discussing was President Bush's attempts to address social security.

 

Spending Madness

In March of 2006 Herman Cain wrote an article discussing the spending in the federal government and a recent vote on raising the federal debt limit. He discuses the need to address entitlements as central to addressing spending.

 

Social Security Scam

In May of 2006, Herman Cain wrote an article discussing the inability of Congress to address the social security shortfalls. He refers to the system as a scam.

 

CBS News - Unplugged

In June of 2011, Herman Cain appeared on CBS Unplugged and discussed a number of issues, including social security. He advocates for the Chilean Model again and discusses that those still in the system would have to be addressed.

 

Illegal Aliens and Social Security

In July of 2006, Herman Cain wrote an article discussing a "dirty little secret" about social security. He notes the taxes paid by illegal aliens going to social security while those people are not eligible for social security. 

 

Social Security was a Good Idea

In September of 2007, Herman Cain wrote an article discussing entitlements and big government. He states that while social security was a good idea, it failed the moment that the money was taken and used for other purposes.

 

Hillary's Plan

In October of 2007, Herman Cain wrote an article discussing Hillary Clinton's proposed plan for the Presidency. He spoke about how the social security system has failed.

 

Daily Caller Interview

On October 11, 2010 Herman Cain was interviewed by the Daily Caller. He spoke about social security and stated that he supported personal retirement accounts, not privatization.

 

Campaign Event - Chilean Model

In March of 2011, Herman Cain spoke at a campaign event and discussed his opinion that the social security model should be moved to a personal account retirement system similar to the one used by the nation of Chile. He notes that in Chile, 90% of workers chose personal accounts instead of social security and the same thing can be done here in the US. This would be more of a forced retirement savings system in which people are required to save a set percentage of money.

 

Fox News Appearance

In April of 2011, Herman Cain appeared on Fox News and discussed a number of issues relating to the economy and the 2012 Presidential campaign. When asked about social security, Cain advocated for using the Chilean model and model away from an entitlement society and towards an empowerment society. 

 

Nevada News and Views

In May of 2011, after the first Presidential debate, Herman Cain was interviewed by the Nevada News and Views. When asked about balancing the budget, he talks about the need for entitlement reform to accomplish this objective.

 

Las Vegas Sun Interview

On May 6, 2011 Herman Cain was interviewed by the Las Vegas Sun. He again pointed to the need to address entitlements to get the economy going. He also noted his desire to see younger people be given an opportunity to opt out of social security.

 

New Hampshire Debate

In June of 2011, Herman Cain participated in the Presidential debate in New Hampshire. He was asked about social security and discussed his support for a Chilean model.

 

Reagan Debate

In September of 2011, Herman Cain participated in the Republcian debate at the Reagan Library. He talks about his plan for social security.

 

TEA Party Debate

In September of 2012, Herman Cain participated in the TEA party Republican Primary debate. He spoke about the need to fix social security and his support for private accounts in the Chilean model.

 

2012 Presidential Campaign Website Statements

 

References

[1] Website: The Daily Caller Article: Potential presidential candidate Herman Cain speaks to TheDC about where he stands on domestic, fore Author: Matthew Boyle Accessed on: 05/09/2011

[2] Website: Nevada News and Views Article: One-on-One with Herman Cain Author: Lori Piotrowski Accessed on: 05/25/2011

[3] Website: Las Vegas Sun Article: Entrepreneur Herman Cain promotes presidential run in Las Vegas Author: Delen Goldberg Accessed on: 05/25/2011

[4] Website: CBS News Article: CBS News - Full Transcript Author: NA Accessed on: 08/30/2011

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