Thompson Offers Social Security Solution

ABC News’ Christine Byun Reports: Addressing an audience of anti-tax activists, Republican candidate Fred Thompson stuck to his usual script – highlighting broad issues and problems that face the country – but, also offered a solution to the growing costs of Social Security.

Thompson proposed offering the same level of benefits, but tying cost of living adjustments not to wages, but according to prices, that tend to increase more slowly.

"Benefits plus inflation would probably solve the problem for 75 years," Thompson said.

He brought the same proposal to an editorial board meeting with the Des Moines Register this past week while campaigning in Iowa. On Tuesday, Thompson said his plan would be a "simple change," and acknowledged that it would be "a tough, tough thing to do."

Thompson somberly warned the audience Friday: "There are things we can do now that doesn’t have to hurt anybody and it will be much, much better than on the sustained path where if we do nothing, it’s going to hurt everybody."

The former Tennessee senator and lawyer-lobbyist told the members of the national organization, Americans for Prosperity, that "not all solutions are found in Washington D.C." Thompson also railed on the nation’s current tax code, calling it "a mess" and said that government is "locked into a mandatory spending pattern that’s going to bankrupt the nation."