AARP hosted a live Q&A session with Senators Barack Obama and John McCain at the Annual AARP Member Event in Washington D.C., September 4 – 6th.
Obama gave clear concise answers to pressing questions about social security, health care, and reforming our political system, while McCain spoke in generalities, and tended to steer answers toward other issues such as energy, education and our economy.
Below is my summary of the questions and answers, and each candidate’s responses.
Barack Obama and John McCain on the Topic of Social Security
Senators Barack Obama and John McCain were each asked for their thoughts on how to protect the social security trust fund; in particular how to keep the government from using social security funds for other purposes.
Obama on Social SecurityBarack Obama said that in order to keep social security funds from being reallocated toward other purposes, the government must first begin the process of stabilizing the budget. He outlined the following four steps that would move us toward a balanced federal budget.
- Ending the war in a responsible way.
- Rolling back the Bush tax cuts on the wealthiest Americans who don’t need them, and weren’t asking for them.
- Going through the federal budget, line by line, eliminating those programs that don’t work, and making the ones that do more efficient.
- Passing a universal health care bill as over the long term that will save money. In this way people can afford preventative care, and as you make people in the system healthier this will substantially reduce costs.
Barack is strongly opposed to increasing the age at which people receive social security benefits, and he is opposed to reducing benefits. Rather, he proposes funding any deficit in social security funds by increasing payroll taxes on higher income earners.
For 2008, Americans pay social security taxes on the first $102,000 of earned income. They do not pay social security taxes on earned income over $102,000. Obama proposes initiating a payroll tax on earned income in excess of $250,000. He feels this is a better solution than reducing benefits, or the eligibility age.
Barack also suggests that we eliminate income taxes on those making less than $50,000 per year during retirement.
Additional details on Barrack Obama’s plans to protect social security can be found on his website.
McCain on Social SecurityJohn McCain said the most critical step in protecting the social security trust fund is to eliminate excess spending. He said that stopping unnecessary and wasteful spending is the best way to restore the trust and confidence of the American people. He specifically said he would:
- Call members of Congress together, and let them know that the first earmarked pork barrel bill that comes across his desk will be vetoed, and that he will make sure that Americans will know the names of the people that proposed it, and it will be stopped.
- Stop the spending spree that Congress has been on.
When asked about privatizing social security, McCain said he thinks,
“We want to give, if we can, younger people the option of taking some of their own money and putting it into investment accounts.”He clearly stated this would only be considered if it did not in any way jeopardize the solvency of the social security fund.
On John McCain’s website, there was not a specific section under issues devoted to social security, nor could I find any official comments on the site when I searched the site for ‘social security’.
