Arkansas Democrat-Gazette - Social Security proposals divide federal candidates - Transcript

Arkansas Democrat-Gazette (Little Rock) September 20, 2004 Monday

SECTION: ARKANSAS

HEADLINE: ON THE ISSUES SOCIAL SECURITY Social Security proposals divide federal candidates

BYLINE: ARKANSAS DEMOCRAT-GAZETTE

BODY:

Should Social Security be kept the way it is or should private investment of that money be allowed? Candidates for federal offices in Arkansas disagree.

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Workers pay into the Social Security system for their entire lives, and should not be required to pay taxes on the benefits they have spent a lifetime earning. [Offered no alternative to fund the Medicare trust fun.] District 3 U.S. Rep. John Boozman, R: Ye s , I support a full repeal of the 1993 tax increase on our seniors. [Offered no alternative to fund the Medicare trust fun.] State Rep. Jan Judy, D: Didn't say. Dale Morfey, I: I am philosophically opposed to government programs such as Social Security and Medicare and favor individual responsibility. I do not believe Social Security to be constitutional and should not exist at the federal level. Socialist programs like these, while well intentioned, are wrong-headed and damaging to society as a whole.

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Parks: Even the worst 20-year period from 1929 through 1948, which includes the stock market crash of '29 and the Great Depression, had a positive real rate of return of 3.36 percent. Compare that to Social Security's 1 to 2 percent return. Workers who are uncomfortable with stocks could choose to invest conservatively in government bonds, for example, which typically yield a 3 to 4 percent return. Boozman: No one is advocating an Enron-style system, but we surely can come up with a safe system that can at least return the money invested in it. In a few years, the current system won't even be able to do that.

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Parks: Social Security cannot remain in its current form for future generations, because the system will collapse under its own weight. [Didn't say how it should change.] Boozman: I promise to stand by my principles that benefits will not be cut, taxes are not raised and that the retirement age must not be changed. [Didn't say how to pay for it.] Judy: It is both unacceptable and immoral to ask retirees to shoulder the burdens resulting from the Bush Administration's failed economic policies. Lowering Social Security payments or raising the eligibility age are not viable options if we wish to ensure the protection of our aging citizens. [Didn't say how to pay for it.] Morfey: Social Security was originally intended to be ONLY a supplement for retirement, and should be returned to that concept, but at the state level and voluntary. Charity should be voluntary and not state mandate. Ross: Yes. [Didn't say how to pay for it.]