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Congressional Campaign Issues: In Their Words
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Chris Hackett
Social Security is one of the most successful programs in our nation’s 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 Social Security benefits are protected.
Unfortunately, there are two huge looming problems with the system as it is currently structured. In those two areas, Congressman Chris Carney and I are worlds apart.
The first problem is solvency. With the retirement of the baby boomers, the number of retirees is growing faster than the size of the workforce. That puts heavy financial pressure on the Social Security Trust Fund. The problem is made worse by the Washington politicians’ consistent practice of borrowing money from the Social Security Trust Fund to pay for other programs, including thousands of wasteful pork spending projects. This is a classic case of Washington making political decisions for today, rather than looking out for our needs in the future.
Chris Carney has gone right along with the raid on the Social Security Trust Fund, even voting against efforts to stop it. This not only breaks faith with our seniors, but it endangers the system for future retirees. It’s wrong, and it has to stop. One of the key principles that I’ve outlined in my campaign is that I will not vote to spend Social Security funds on other government programs.
The second issue is whether we give younger workers the chance to receive a better rate of return on their Social Security savings. For many workers, Social Security represents the largest single investment of their lifetime earnings. When they draw on their Social Security in retirement, on average they receive less than a 1% rate of return on this investment.
I think workers in their twenties and thirties should be given a choice that would allow them to receive better than a 1% return on their retirement dollars. That’s why I favor creating voluntary personal accounts controlled by each individual, rather than by Washington. Any young worker would have the option of staying within the system exactly as it is. But for those who wish to control their own retirement dollars, they would be given the option of investing their funds into an account that could yield far more than a 1% rate of return. This is a position Chris Carney once held himself. But now, like many Washington politicians, Carney rejects all reform ideas and tries to use the issue as a political scare tactic for seniors.
Personal savings accounts should not scare anyone. They are a voluntary common sense way to allow young people to grow their savings, and they have no impact on seniors. What should scare everyone is how the politicians raid the Social Security Trust Fund every day to pay for their pet programs. I will work hard to end that outrageous practice and preserve Social Security, both for current beneficiaries and for future generations.
Social Security is one of the most successful programs in our nation’s 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 Social Security benefits are protected.
Unfortunately, there are two huge looming problems with the system as it is currently structured. In those two areas, Congressman Chris Carney and I are worlds apart.
The first problem is solvency. With the retirement of the baby boomers, the number of retirees is growing faster than the size of the workforce. That puts heavy financial pressure on the Social Security Trust Fund. The problem is made worse by the Washington politicians’ consistent practice of borrowing money from the Social Security Trust Fund to pay for other programs, including thousands of wasteful pork spending projects. This is a classic case of Washington making political decisions for today, rather than looking out for our needs in the future.
Chris Carney has gone right along with the raid on the Social Security Trust Fund, even voting against efforts to stop it. This not only breaks faith with our seniors, but it endangers the system for future retirees. It’s wrong, and it has to stop. One of the key principles that I’ve outlined in my campaign is that I will not vote to spend Social Security funds on other government programs.
The second issue is whether we give younger workers the chance to receive a better rate of return on their Social Security savings. For many workers, Social Security represents the largest single investment of their lifetime earnings. When they draw on their Social Security in retirement, on average they receive less than a 1% rate of return on this investment.
I think workers in their twenties and thirties should be given a choice that would allow them to receive better than a 1% return on their retirement dollars. That’s why I favor creating voluntary personal accounts controlled by each individual, rather than by Washington. Any young worker would have the option of staying within the system exactly as it is. But for those who wish to control their own retirement dollars, they would be given the option of investing their funds into an account that could yield far more than a 1% rate of return. This is a position Chris Carney once held himself. But now, like many Washington politicians, Carney rejects all reform ideas and tries to use the issue as a political scare tactic for seniors.
Personal savings accounts should not scare anyone. They are a voluntary common sense way to allow young people to grow their savings, and they have no impact on seniors. What should scare everyone is how the politicians raid the Social Security Trust Fund every day to pay for their pet programs. I will work hard to end that outrageous practice and preserve Social Security, both for current beneficiaries and for future generations.
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The following are comments from the readers. In no way do they represent the view of thedailyreview.com.
Brick wrote on Oct 7, 2008 8:41 AM:
" I see nothing here that says a young worker's optional retirement account MUST be invested in the stock market. There are other investment choices available to anyone wishing to use them. Tax free municipal bonds or even U.S. Savings Bonds immediately come to mind.
Remember thanks to the effort of Congress THERE IS NO SUCH THING as the Social Security Trust fund. It has been emptied by the same people who refuse to change or improve the system. "
Remember thanks to the effort of Congress THERE IS NO SUCH THING as the Social Security Trust fund. It has been emptied by the same people who refuse to change or improve the system. "
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