2012 V.P. Debate: on Social Security

Joe Biden: Where would elderly be now if funds were in stock market?

BIDEN: We will not privatize it. If we had listened to Romney and the congressman during the Bush years, imagine where all those seniors would be now if their money had been in the market. Their ideas are old, and their ideas are bad.

Paul Ryan: Voluntary privatization for younger workers

RYAN: For younger people. What we said then and what I've always agreed is let younger Americans have a voluntary choice of making their money work faster for them within the Social Security system.

BIDEN: You saw how well that worked.

RYAN: That's not what Mitt Romney's proposing. What we're saying is no changes for anybody 55 and above. And then the kinds of the changes we're talking about for younger people like myself is don't increase the benefits for wealthy people as fast as everybody else, and slowly raise the retirement age over time.

BIDEN: All the studies show that if we went with Social Security proposal made by Mitt Romney, if you're in your 40s now, you will get $2,600 a year less in Social Security. If you're in your 20s now, you get $4,700 a year less. It is absolutely the wrong way.