Social Security Reform in America

Newt Gingrich calls the federal program a debt owed to Americans.
2:54 | 11/05/11

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Transcript for Social Security Reform in America
There's this whole. Way that congress in Washington. Using fraud analyzed. And it's because of the Congressional Budget Office because of the unified budget. There is 2000000000400. Billion dollars -- you have put in you the American people. To put into a trust fund. Now it is sitting there Steve it's not that is -- hidden yes it's a piece of Paper just as the money you put into any bank account is a set of digits that are held electronically. -- but what has become -- every politician in Washington. Wants to find -- some gimmick. To enable them to balance the federal budget on the backs of the American people who put all their money their entire working lifetime and a social security and my point is that money does exist it is a -- that -- -- oppose every senior citizen and every working American if you take it -- budget this is just also ecological. If you take off budget music fine you figure out how to get to a balanced budget on the rest of the money. Now let's talk about how we're gonna solve Social Security it turns -- 2000000000400 billion dollars which is not big money but it's a start. You take that you add in the kind of things from and I are talking about which -- -- modeled much more on July than they are on the federal retirement plan you take that. You all of a sudden find the with a few modest cuts in spending. You can in fact get to a very stable retirement system now it does make it harder. To balance the rest of the budget because since Lyndon Johnson in 1968. We have been hiding. The size of the real budget deficit behind Social Security but I think it's time for us to be genuinely honest. And deal the two of them -- separate issues here is Social Security -- for -- stable retirement system for the next over the years here is the government. Now let's get its budget balanced. That's first realize and this is what we have to be honest with the American people about. Its want to take. A long time to work -- sales out of this mess that is being created for decades. Now. We're not be admitted deal with the unfunded liabilities and -- money that's already been stolen. Let's go to the situation where that was actually -- and abuse the -- a couple of years ago. -- that's they would start from now. All Social Security contributions. Would -- -- Social Security benefits. It looked defeated. In the United States that. -- -- -- -- What the -- it was collected the law. -- -- bit of that so we got the start back at that point going forward. As we work our way out of this mess.

This transcript has been automatically generated and may not be 100% accurate.

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