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Fred Thompson 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

Fred Thompson strongly supports privatizing social security through personal Social Security accounts

The current path is the only path that won't work.

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The bipartisan plan that Senator Thompson has endorsed would put the Social Security program on the path to long-term solvency and would establish an individual savings account for every worker under the age of 55.

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Thompson offered a bill in 1999 that would allow "all working Americans to divert a portion of their payroll taxes to a personal savings account that they will own and can pass on to their heirs."

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Fred Thompson strongly opposes raising the earnings cap on Social Security, which is currently $102,000

Number one, we've got to make sure we have a growing economy. That means low taxes. That means less regulation. But for future retirees, instead of having nothing, which is what they're headed for under the current situation that's unsustainable, they would have protection, but it would be indexed to inflation instead of wages as it is today.

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