mr. speaker , just a brief word about the gentleman from california 's remarks about unprecedented deficits . 
the gentleman points to 9/11 , it was one of the causes ; so was the recession that occurred under the bush administration , and also policies that were adopted by this congress and the president and the tax cuts that went predominantly to the very wealthy . 
when mr. greenspan was confronted with this , he said , `` i relied on the projections that most people made , '' but he was reminded he was wrong . 
a lot of us here said that at the time . 
i want to say now a word about this rule . 
it completely ducks the issue of social security and what the costs would be if privatized . 
the president said just a few hours ago , `` personal accounts do not solve the issue. '' i am glad that the president acknowledged that privatization does not solve the issue . 
what he did not say is it makes it worse , far worse if it were to occur . 
when we take their own figures and project them through the first 20 years if privatization were to occur , and we are going to make sure it does not , it would mean that this 2042 shortfall year , 2052 according to cbo , but take 2042 , the shortfall would occur 11 years early . 
it is fiscally irresponsible . 
secondly , the president said , `` i have not laid out a plan yet intentionally ; i have laid out principles. '' but they have also had briefings and endorsed plans and called them a good blueprint , and the impact would mean , it would mean there would be a deduction from social security benefits of 70 to 100 percent what would be in private accounts . 
what it also means is that there would be a mammoth cut in benefits under social security , worse and worse the younger you were , $ 152 , 000 for a younger worker over their lifetime . 
we know enough about these proposals that come out of the white house , come out of their briefings or words of the president to know massive debt , major benefit cuts , and they would not , for most younger workers , help but hurt . 
the president also said , `` a nest egg you could call your own. '' those are his words . 
no , that is not correct . 
because it would be under a government managed account and most workers would have to annuitize what was left in their private accounts and there would be nothing to pass on . 
no , it would not be a nest egg . 
it would be , for most people , an empty egg . 
