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Decision Virginia Archive 8/08- 7/12

Cantor warns entitlement benefits will have to change

with 2 comments

In the wake of news  that Social Security is on the road to insolvency, House Majority leader Eric Cantor said the only way to fix the system is to change the benefits structure.

In a live interview on NBC12 First at Four, Cantor said there is no way programs like Social Security and Medicaid can continue to deliver the same type of benefits they currently are,  forever.

“The benefits that many people are expecting are not going to be there because of the bankrupt nature of these programs,” said Cantor.

A new report from the non-partisan Congressional Budget Office projects that there will be no money left in the Social Security account by 2037. It also reports that for the first time since an overhaul in the ’80s, Social Security paid out more money than it took in.

Cantor believes that is enough to put every possible option on the table.

“The decision that we have to make as a country is, are we going to restructure for those younger folks, looking to right now start a career and get a job, are we going to try and address the obligations of these programs off into the future?” he said.

In the past Republicans have floated the idea of privatizing at least a portion of Social Security. That is something Democrats have passionately resisted.  Cantor promised that he would never advocate a plan where benefits would change for people 55 and over. He does however believe that the return on Social Security benefits for people 54 and younger must be on the table.  And he accused Democrats of not doing enough to address the problem.

“The leader in the senate, Harry Reid has said there’s no problem with Social Security,” said Cantor.  “So we’re going to have to do some convincing, if you will, of the Senate Democratic leader to come along with us and engage in the discussion.”

How would you solve the Social Security problem in America? You can give your take on the NBC12 Facebook page.

You can see the full interview with Rep. Cantor below. The full transcript can be found on NBC12.com.


Written by Ryan Nobles

January 27, 2011 at 7:15 pm

2 Responses

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  1. What a pack of lies. You actually reported this as if it were true on the evening news. There is nothing wrong with Social Security. It has taken in more than enough to fund the retirement of America’s workers over the years. The only problem is that Congress has year after year borrowed the money that hard working Americans have paid into the trust fund instead of allowing it to grow and gain interest as it wa supposed to do. This small detail Channel 12 & their good friend Congressman Canter fail to mention. The only way Social Security would go insolvent is if the Federal Government failed to pay back, with interest, all the money it borrowed from all those who have paid into Social Security. That’s what Eric Cantor wants – he wants the Federal Government to default on all the money that Congress has borrowed from Social Security beneficiaries. Shame on you Channel 12!

    Brent Raper

    January 28, 2011 at 12:32 am

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