Explore Candidates → Bill Richardson on Social Security

Bill Richardson on Social Security

Social Security is a social insurance program officially called "Old-Age, Survivors, and Disability Insurance" (OASDI), in reference to its three components. It is primarily funded through a dedicated payroll tax. The debate over social security is largely in how and who will control these accounts. The candidates offer many prescriptions which run the spectrum between private and public control of social security.

The issues

Bill Richardson strongly opposes privatizing social security through personal Social Security accounts

"The first thing I would do is stop raiding the Social Security trust fund. The second thing I would do is stop talking about privatizing Social Security. Third, I'd try to find universal pensions, a 401(K) that is portable so that individuals can take their pensions when they change jobs. And lastly, by growing the economy, by having a robust economy, that will make the Social Security system sounder."

Watch Video Now

I Refuse to privatize social security.

link (quote)

Bill Richardson opposes raising the earnings cap on Social Security, which is currently $102,000

As long as we focus on economic growth we won't have to focus on lifting the cap on income subject to social security taxes.

link (quote)