'They want to cut and privatize Social Security and take away our young people's futures,' said Democratic Rep. Pramila Jayapal.
—would be more beneficial than Social Security's guaranteed benefits, as the former vice president suggested.
"Creation of a system of private accounts would not change the amount of revenue coming into the federal government, but it would increase government spending, because the federal government would be making regular payments into the private accounts," the CBPP analysts explained. "These payments would represent new government spending. This increase in spending, unaccompanied by an increase in revenues, would widen annual deficits.
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