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Mike McGavick on Social Security |
CANTWELL: I want to protect Social Security. What I like about Social Security is that it's a guaranteed benefit. It has progressivity, like for women who make less or live longer. To change that, by making proposal. We must guarantee benefits to those who are nearing retirement, while for younger workers, there should be personal accounts. But, I oppose them being privatized.
GUTHRIE: First, we must keep our promises to our senior citizens. But young people 25 and undershould have personal savings accounts. For the gap between 25 and 50, they can either opt-out and accept a lump-sum payment, or they can continue with the current system.
A: You heard no plan from the incumbent for how to save Social Security. You only heard a list of what the incumbent opposes. I do have a proposal. First, we must guarantee benefits to those who are retired or are nearing retirement. Second, to get at the financial crisis, encourage those who have enough from their private planning for retirement, to throw their Social Security back into the system, to prolong it for all of us. Third, for younger workers, there should be personal accounts. But, I oppose them being privatized. I think that's a mistake. I don't trust Wall Street to manage this money, and I don't trust the individuals to manage this money. It should be a government-run program with continued guaranteed benefits.
| Using Social Security taxes for private accounts | |
|---|---|
| AARP | Opposes |
| Mike McGavick | No response |
| Maria Cantwell | Opposes |
A: We must guarantee benefits to today's retirees and those near retirement. I am opposed to any phasing out or privatization of the Social Security system. Reform is necessary and confidence in the system is broken. For younger workers, I am open to a voluntary system of government managed personal accounts to provide personal ownership of retirement. Those taking this option would have lower guaranteed benefits and possibly a higher yield than the current Social Security investment strategy. To help the transition, I propose a program that would encourage wealthier beneficiaries to voluntarily contribute their benefits back to the trust fund.