2008 New Mexico Senate Debate between Tom Udall & Steve Pearce: on Social Security


Steve Pearce: We must improve the rates of return on Trust Fund

The two sparred over Social Security. “I think that privatization of Social Security is a very bad idea,” Udall said. “I don’t agree with Steve Pearce’s approach that privatization is the way to go. I think privatization is really a step to undermine Social Security.”

Pearce said the big problem with Social Security is that Congress has robbed funds from the program and needs to refund them so the program can remain solvent.

But when Udall charged Pearce had continuously voted for privatization, Pearce challenged him. “Tell me one piece of legislation,” Pearce said, later adding, “You’re making stuff up. Tell me one vote, one bill.” Udall said Pearce was a supporter of Pres. Bush’s plan to privatize social security, which ultimately failed.

Pearce said Social Security has a rate of return of about 1% and supports giving retirees the option of having targeted funds like members of Congress have. “We must improve the rates of return, otherwise Social Security will never work,” he said.

Source: 2008 N.M. Senate Debate reported in Silver City Sun-News Oct 19, 2008

Tom Udall: Privatization of Social Security is a very bad idea

On issues important to senior citizens, the two sparred over Social Security. “I think that privatization of Social Security is a very bad idea,” Udall said. “I want it to be there for my children and grandchildren when they retire. I don’t agree with Steve Pearce’s approach that privatization is the way to go. I think privatization is really a step to undermine Social Security and I would do everything I can to fight against it.”

Pearce said the big problem with Social Security is that Congress has robbed funds from the program and needs to refund them so the program can remain solvent.

But when Udall charged Pearce had continuously voted for privatization, Pearce challenged him. “Tell me one piece of legislation.” Udall said Pearce was a supporter of Bush’s plan to privatize social security, which ultimately failed.

Pearce said Social Security has a rate of return of about 1%, & supports giving retirees the option of having targeted funds. “We must improve the rates of return,” he said

Source: 2008 N.M. Senate Debate reported in Silver City Sun-News Oct 19, 2008

  • The above quotations are from 2008 New Mexico Senate Debate between Tom Udall & Steve Pearce.
  • Click here for definitions & background information on Social Security.
  • Click here for other issues (main summary page).
  • Click here for more quotes by Tom Udall on Social Security.
  • Click here for more quotes by Steve Pearce on Social Security.
Candidates and political leaders on Social Security:

Retired Senate as of Jan. 2015:
GA:Chambliss(R)
IA:Harkin(D)
MI:Levin(D)
MT:Baucus(D)
NE:Johanns(R)
OK:Coburn(R)
SD:Johnson(D)
WV:Rockefeller(D)

Resigned from 113th House:
AL-1:Jo Bonner(R)
FL-19:Trey Radel(R)
LA-5:Rod Alexander(R)
MA-5:Ed Markey(D)
MO-9:Jo Ann Emerson(R)
NC-12:Melvin Watt(D)
SC-1:Tim Scott(R) 		Retired House to run for Senate or Governor:
AR-4:Tom Cotton(R)
GA-1:Jack Kingston(R)
GA-10:Paul Broun(R)
GA-11:Phil Gingrey(R)
HI-1:Colleen Hanabusa(D)
IA-1:Bruce Braley(D)
LA-6:Bill Cassidy(R)
ME-2:Mike Michaud(D)
MI-14:Gary Peters(D)
MT-0:Steve Daines(R)
OK-5:James Lankford(R)
PA-13:Allyson Schwartz(D)
TX-36:Steve Stockman(R)
WV-2:Shelley Capito(R) 		Retired House as of Jan. 2015:
AL-6:Spencer Bachus(R)
AR-2:Tim Griffin(R)
CA-11:George Miller(D)
CA-25:Howard McKeon(R)
CA-33:Henry Waxman(D)
CA-45:John Campbell(R)
IA-3:Tom Latham(R)
MN-6:Michele Bachmann(R)
NC-6:Howard Coble(R)
NC-7:Mike McIntyre(D)
NJ-3:Jon Runyan(R)
NY-4:Carolyn McCarthy(D)
NY-21:Bill Owens(D)
PA-6:Jim Gerlach(R)
UT-4:Jim Matheson(D)
VA-8:Jim Moran(D)
VA-10:Frank Wolf(R)
Please consider a donation to OnTheIssues.org!
Click for details -- or send donations to:
1770 Mass Ave. #630, Cambridge MA 02140
E-mail: submit@OnTheIssues.org
(We rely on your support!)

Page last updated: Dec 01, 2018