Social Security Experts Testify

Social Security experts testify on Capitol Hill

Lawmakers are hearing some opinions on ways to shore up Social Security and ideas on getting Americans to do more to save for retirement.

The former chairman of the president's Council of Economic advisers, Lawrence Lindsey, is among those testifying today before the House Ways and Means Committee.

In prepared remarks, Lindsey urges Congress to encourage more private savings. He recommends a "matching" program, like many company 401-K plans, where worker contributions to personal retirement accounts could be matched with payroll taxes.

The committee is also hearing from former Social Security commissioner Kenneth Apfel, who opposes privatization.

In prepared remarks, he says unless benefits are cut back or revenues increased, privatization "only makes the financing problems worse."