Updated to include additional comments from Governor Christie on Social Security.
New Jersey Governor Chris Christie had some frank talk at the Republican debate for Americans who are expecting to collect Social Security -- it doesn't exist.
"The government has lied to you and stolen from you," said Christie, adding that the Social Security trust fund is simply a "pile of IOUs" and that it will be "insolvent in seven to eight years."
"We need to get realistic about this," proclaimed Christie.
In order to curb the growth in entitlement program costs that threaten to lead to wide budget deficits in the future, Christie has previously proposed phasing out and eliminating Social Security income for wealthy Americans who don't need it.
His plan would phase out payments for those who make $200,000 a year in other income during retirement and implement a means test for those who make $80,000 a year in non-Social Security income. Christie believes the plan would affect 2% of all recipients.
"Let's ask ourselves an honest question: Do we really believe that the wealthiest Americans need to take from younger, hard-working Americans to receive what, for most of them, is a modest monthly Social Security check?" said Christie at a speech in New Hampshire in April this year. He added, "I say no."
Christie is also in favor of raising the retirement age for collecting Social Security to 69, gradually implementing the change starting in 2022 by increasing the retirement age by two months each year until it reaches 69.
"It's a blessing that we are living longer and we have to increase the retirement age to reflect that blessing," said Christie later in the debate.