Campaign Notes

August 23, 2002

The Bulletin's Frontrunner reports that Democratic Gov. Jeanne Shaheen pledged to "fight against privatizing Social Security if she is elected to the U.S. Senate." Shaheen argued that personal accounts are risky and would require raising taxes or cutting benefits. She is opposed to both of these options. Shaheen will face either incumbent GOP Sen. Bob Smith or Rep. John Sununu, both of whom support individual accounts.

The Rocky Mountain News reports that Senate hopeful Tom Strickland is challenging GOP Senator Wayne Allard on his Social Security reform position. Speaking to a group of elderly voters, Strickland discussed the "downfalls of personal accounts." Allard's campaign manager responded, noting "Strickland is trying to demagogue the issue … trying to create a scare tactic for something that does not exist."

Social Security reform plans are playing an important role in South Carolina's Senatorial race. While Alex Sanders, Democratic nominee, believes the best way to strengthen Social Security is by ensuring that Social Security funds are not spent on other government programs, Lindsey Graham, the Republican candidate, believes that securing retirement benefits for future retirees requires allowing workers "to invest part of their payroll taxes in mutual funds and other investments providing them with a bigger cushion in retirement than Social Security ever could."

Sanders asserts that recent corporate scandals and market flux might make investing risky. However Graham takes issue with Sanders' assertion that Social Security would return to "firm financial ground if only the money paid into it is secured." Despite television commercials paid for by the South Carolina Democratic Party warning against Graham's position, Graham still believes that workers should have the option to invest a portion of their payroll taxes. In response to Sanders' advertisements Graham will "simply have to work harder to explain why the market still can repair Social Security and why Sanders' remedy falls short."

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