Congressional candidates sound off on future of Social Security

Candidates for the 5th and 10th Congressional Districts were queried recently about Social Security as part of the Sun-Gazette's ongoing series on the upcoming November election.

The candidates for 5th Congress are: James Fryman, Libertarian; Mark McCracken, Democrat; and Glenn Thompson, Republican.

Running for 10th Congress are Republican Chris Hackett and U.S. Rep. Chris Carney, D-Dimock.

Each was asked the following: What should be done about Social Security, if anything?

Should Social Security be privatized? If so, how do we guarantee that the many baby boomers who otherwise have no other retirement funds or very modest savings set aside for their senior years have some type of nest egg?

What other thoughts do you have?

5th Congressional District

FRYMAN: "Social Security has traditionally been one of the three legs of the retirement stool (Social Security, pension and investments). We can't pull this out from under people who have spent life paying into it or their retirement will not work. As a stop-gap measure, we should eliminate COLA increases for the time being, but Social Security should continue in its present form so retirees continue to have diversity in their income.

"Social Security should not be privatized. If people want privatized investments, they can invest on their own.

"Social Security should not be invested in the markets. The markets fluctuate and your retirement would depend on the state of the market at the time you retire. It might be down. Social Security provides a defined benefit option to retirement which offsets the ups and down of the stock market. We have deficit spending for the war on drugs, the war in Iraq, and other government programs. Why not take money from the general fund to prop up Social Security, if needed?

"Social Security payments are a stabilizing force in our economy."

McCracken: "The Social Security system must be maintained and strengthened for all future generations. It is one of the greatest initiatives the federal government ever enacted for the citizens of this nation. I believe we must constantly review data and population trends and Congress must enact legislation to properly fund Social Security as far into the future as we can project.

"I fully oppose any plan to privatize any portion of Social Security. Allowing private accounts will gut the system that is already in a fragile condition. As we've watched the financial meltdown over the past couple of weeks, one has to wonder how many people would have lost their retirement savings if Social Security was privatized. Additionally, if the private accounts were to fail, it is more than likely the federal government would have to pick up the tab and bail out those who invested in private accounts that failed.

"It is time for the myth that Social Security should be privatized is put to an end, once and for all. There is no good reason that we shouldn't save and protect Social Security, and it is time to stop using this necessary program as a political volleyball."

THOMPSON: "I am committed to protecting current and future Americans' retirement. Older Americans should never fear whether their government will honor its commitment to them. I will fight for you to assure that those who have paid in for years will receive Social Security payment when they retire.

"But we do have a problem with our current system. Starting in 2011, the baby boomer generation starts to retire, putting more pressure on a system already in trouble. The Social Security Administration Commission reports that by 2018 we will not have enough workers to sustain payment to recipients. Their analysis reveals that if nothing is done to reform the system by 2032, taxes will need to increase to 18 percent on individuals.

"The Thompson approach includes several ways to fix this system. First, we must end spending Social Security money for other purposes and exercise fiscal discipline with the federal budget. Next, we must consider our children and grandchildren and safeguard retirement for them. To do that, I plan on allowing young workers to do what federal government employees do - invest part of their retirement funds in alternative investments yielding higher returns (thrift savings plan).

"So, let's be clear -I plan on ensuring that current retirees get current benefits, as promised, while allowing younger workers an option to early in their careers begin to invest their payments for a higher return."

10th Congressional District

HACKETT: "Social Security is one of the most successful programs in history. It is a sacred trust from one generation to the next. Like so many others, my own parents depend on Social Security.

"As a member of Congress I will always ensure that benefits are protected. I will oppose the outrageous practice of borrowing money from the Social Security Trust Fund to pay for other programs, often the pet pork projects of Washington politicians.

"To strengthen Social Security for future generations, I support voluntary personal savings accounts for younger workers in their 20s and 30s. To me, this does not represent a diversion of funds: rather, it allows younger workers to personally own, control, and invest a portion of their own funds."

CARNEY: "The way we take care of our seniors says a lot about us as a society. In these tough economic times, people need to know that their retirement is secure. That is why I will always fight to ensure that Social Security is a guaranteed benefit for future generations of workers, retirees and their families. I will never support privatization of Social Security ...

"Since its inception, our Social Security system has successfully kept millions of Americans out of poverty. Social Security is not a gamble. We cannot let it be jeopardized by market fluctuations, and Congress must protect Social Security from inflation. Workers should have opportunities and incentives to invest for their retirement, but not as a replacement for guaranteed Social Security benefits.

"We do need action in Congress to make sure Social Security benefits exist for generations to come and that our seniors are able to make ends meet. That is why I am supporting legislation to establish a Consumer Price Index for our seniors. This Consumer Price Index would determine cost of living increases for both Social Security and Medicare benefits. Currently, benefits are based on a Computer Price Index for urban wage earners and clerical workers which tracks the spending habits of younger workers in big cities who have drastically different spending habits than America's seniors. Seniors spend far more of their income on health care and prescription drugs. I want to create a Consumer Price Index that reflects the spending habits of our seniors, which would help protect against out-of-control health care costs and improve the purchasing power of retirees' benefits ...

"Social Security is fully funded for many more decades in the future. Contrary to any irresponsible and inflammatory claims, Congress has not sent Social Security's money to big corporations. In fact, Social Security has an accumulated surplus of $2.2 trillion, which is currently invested in U.S. Treasury bonds that earn interest similar to that of other long-term Treasury securities. Those securities represent a binding commitment to Social Security that the Treasury will redeem when the money is needed to pay for future Social Security benefits ... I believe that we have an obligation to our hardworking men and women to honor the promise our nation has made to them. I will continue to work hard to keep that pledge and to protect Social Security."