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It was during this scandal that Clinton famously stated: "It depends on what the meaning of the word 'is' is".<ref>http://news.bbc.co.uk/onthisday/hi/dates/stories/september/21/newsid_2525000/2525339.stm</ref>
It was during this scandal that Clinton famously stated: "It depends on what the meaning of the word 'is' is".<ref>http://news.bbc.co.uk/onthisday/hi/dates/stories/september/21/newsid_2525000/2525339.stm</ref>
[[File:Dow10000.JPG|thumb|290px|Performance of the Dow Jones Industrial Average since Clinton asked to privatize Social Security; Clinton made his proposal at or near the top of the investment cycle when stocks were overvalued, prior to the crash.]]
=== Privatize Social Security ===
In 1999 President Clinton proposed investing the Social Security Trust Fund in what some might consider "risky" assets in the [[stock market]] and [[bond]]s. The stock market then was in the late stages of a bull market cycle with stock prices and indexes overvalued. Clinton told a joint meeting fo the U.S. House of Representatives and Senate,
In 1999 President Clinton proposed investing the Social Security Trust Fund in what some might consider "risky" assets in the [[stock market]] and [[bond]]s. Clinton told a joint meeting fo the U.S. House of Representatives and Senate,
{{Cquote|'''I propose that we commit 60 percent of the budget surplus for the next 15 years to Social Security, investing a small portion in the [[private sector]], just as any private or State Government pension would do.'''<ref>[http://www.c-span.org/Transcripts/SOTU-1999.aspx President Bill Clinotn's 1999 State of the Union Address,] January 19, 1999. Retrieved from C-Span.org 19 August 2010.</ref>}}
{{Cquote|'''I propose that we commit 60 percent of the budget surplus for the next 15 years to Social Security, investing a small portion in the [[private sector]], just as any private or State Government pension would do.'''<ref>[http://www.c-span.org/Transcripts/SOTU-1999.aspx President Bill Clinotn's 1999 State of the Union Address,] January 19, 1999. Retrieved from C-Span.org 19 August 2010.</ref>}}