and andrew g. biggs is a resident scholar at the american enterprise institute. he served as the principal deputy commissioner of the social security administration under george w. bush. welcome to you both. >> thank you. >> woodruff: steven kreisberg, to you first. the basic question here i think is should public employees who have done their time working for the government, are now retired, be subject to any kind of cuts when the city or the state they work for is facing terrible fiscal crisis, and an underfunded pension fund? >> well, the underfunding of these pension funds has nothing to do with the workers. the workers, as you have said, have served their city. they put in their time. they've done the services that they've been paid to provide. the pension is a form of deferred compensation. so typically when people do the service, they get paid. you know, becoming a deadbeat on a pension as the city of detroit is proposing to do is not consistent with the values, i think, of just about anybody in america. so it's really not a case where the workers who are

andrew biggs, thank you for joining mr. romasco. andrew biggs scholar at the american enterprise institute. he's devoted his career to researching retirement savings and pensions issues and has served as the principal deputy commissioner for social security but ration. dean baker is codirector for center for economic policy research is published extensively on these issues in the tax treatment of retirement benefits. one of the foremost experts in the field. his research has cited. welcome. finally, john sweeney, executive vice president fidelity is optimal for her full advisory services for fidelity of developed the best research available in america's retirement security. thank you rejoining us. your written statements will be entered into the record. we appreciate you limiting your oral testimony. but ample time for questions. mr. romasco, please begin. [inaudible] [inaudible] -- we thank you for holding this hearing on social security's role as one of the nation most important family protection programs. my name is rob romasco,

andrew biggs, thank you for joining us. research -- he is devoted his career to researching retirement savings and pension issues and served as a principal deputy commissioner of social security ministration. welcome. , published extensively on these issues and on the tax treatment of retirement benefits and one of the foremost experts in the field. his research is readily cited in major outlets. welcome. finally, john sweeney, executive vice president of fidelity. he is responsible for portfolio, advisory services for fidelity's develop some of the best research available in america's retirement security. thank you, mr. sweeney for joining us. your written statements will be entered into the record. mystery moscow, please begin. romasco, please begin. >> we thank you for holding this hearing on social security's role as one of the nations most important family protection programs. i name is robert romasco. all a member of the volunteer board of directors of aarp. when we think about social security, we tend to pitch a reti

andrew biggs, thank you for joining mr. romasco. resident scholar at the american enterprise institute researchers and devoted career to research and retirement savings and pension issues as a deputy commissioner of the social security administration. dean baker is the codirector for economic and policy research. and i'm attack street treatment of retirement benefits one of the experts in the field. he's researched. mr. baker, welcome. john sweeney, executive vice president of fidelity is advisory services available and retirement security. thank you for joining us. written statements entered into the record. we appreciate you keeping a testament to the allotted five minutes. mr. romasco, please begin. [inaudible] >> more than 37 million members, thank you for holding this hearing on social security roll one of the nation's most important family protective programs. my name is rob romasco. adam everett to your her an honor to serve as the direct terror. when we think about social security, we tend to picture retired people. they are

andrew biggs, thank you for joining us. research -- he is devoted his career to researching retirement savings and pension issues and served as a principal deputy commissioner of social security ministration. welcome. , published extensively on these issues and on the tax treatment of retirement benefits and one of the foremost experts in the field. his research is readily cited in major outlets. welcome. finally, john sweeney, executive vice president of fidelity. he is responsible for portfolio, advisory services for fidelity's develop some of the best research available in america's retirement security. thank you, mr. sweeney for joining us. your written statements will be entered into the record. mystery moscow, please begin. romasco, please begin. >> we thank you for holding this hearing on social security's role as one of the nations most important family protection programs. i name is robert romasco. all a member of the volunteer board of directors of aarp. when we think about social security, we tend to pitch a reti