Dick Gephardt on Social Security
Former Democratic Representative (MO-3); Former Democratic Candidate for President
GEPHARDT: Well, I was a leader of the effort in 1983 to make sure Social Security was sound out into the future. And as part of that legislation, we raised the retirement age--and that's in the law today--to 67. I'm not for taking it higher than that. I think we really create problems for people if we do that.
Social Security was never designed to be a retireeís sole source of income. But 2/3 of retirees get a majority of their income from Social Security; for many people, it is all that stands between them and poverty.
But we need to remember that stock values go down as well as up. In a prolonged bear market, the entire market may fall so far that it takes years to recover. Those who retire before the recovery may simply be out of luck. The stock market, in short, is no foolproof source of retirement security.
Thatís where a foundation program like Social Security comes in. A strong Social Security system actually gives us the opportunity to take risks elsewhere. Think of Social Security as it was always intended-as an insurance system; knowing that it will be there allows us to invest in stocks, bonds & other investment vehicles.
Individual accounts can be part of the answer. But they should be voluntary and a supplement to Social Security, not a replacement for it
The stock market is no foolproof source of retirement security. Thatís where a foundation program like Social Security comes in. A strong Social Security system actually gives us the opportunity to take risks elsewhere. Think of Social Security as it was always intended-as an insurance system; knowing that it will be there allows us to invest in stocks, bonds, and other investment vehicles with the hope that weíll do well and without having to fear utter destitution should we make a bad pick.
The mission of the Alliance for Retired Americans is to ensure social and economic justice and full civil rights for all citizens so that they may enjoy lives of dignity, personal and family fulfillment and security. The Alliance believes that all older and retired persons have a responsibility to strive to create a society that incorporates these goals and rights and that retirement provides them with opportunities to pursue new and expanded activities with their unions, civic organizations and their communities.
The following ratings are based on the votes the organization considered most important; the numbers reflect the percentage of time the representative voted the organization's preferred position.
|Other candidates on Social Security:||Dick Gephardt on other issues:|
George W. Bush (GOP)
V.P.Dick Cheney (GOP-V.P.)
Sen.John Kerry (Dem.)
Sen.John Edwards (Dem.V.P.)
Ralph Nader (Reform)
Peter Camejo (Reform V.P.)
David Cobb (Green)
Michael Badnarik (Libertarian)
Michael Peroutka (Constitution)