Dueling Pledges

October 21, 2002

With less than three weeks remaining until the 2002 Congressional elections, both opponents and supporters of individual accounts have been pressing candidates to clarify their position on the issue. One tool: a pledge that candidates will support or oppose accounts. Several organizations are currently circulating variations on these pledges but the two most significant are:

Campaign for Americas Future (CAF): Leading opponents of individual accounts, this labor-backed organization is circulating a pledge reads in part:

"I WILL OPPOSE PRIVATIZING SOCIAL SECURITY, PARTIALLY OR TOTALLY."

"This means I will oppose diverting any Social Security revenues to fund private investment accounts or substituting private investment accounts for any portion of Social Security's guaranteed benefits. I will not support any of the White House Commission's privatization plans, which involve diverting trillions of dollars from Social Security to fund private accounts, cutting Social Security's retirement, survivor and disability benefits, and would have the effect of forcing future retirees to work longer than under current law in order to receive full benefits. I will oppose any plan that includes any of these benefit cuts to finance private investment accounts."

The pledge has received most of its support from Democratic candidates, although many prominent Democrats have not signed. To date, only three Republicans have signed. They are Republican House candidates DeForest Soaries (NJ), George Gekas (PA), and Bill Janklow (SD).

SocialSecurityChoice.org: Countering the CAF effort, a coalition of individual account supporters, led by SocialSecurityChoice.org, has circulated a pledge reading in part:

Whereas Social Security is running $23 trillion dollar cash flow deficit and is heading toward insolvency;

Whereas the Trustees of the Social Security administration have warned that inaction on the reform of Social Security will lead to a fifty percent increase in taxes or a thirty percent cut in benefits;

Whereas Social Security is the largest entitlement program of the Federal government, constituting a majority of the retirement income for over half of current retirees;

Whereas an honest debate over the choices necessary to keep Social Security solvent into the 21st century needs to occur;

I pledge to protect Social Security benefits of current and near retirees, and will oppose any plan that cuts their retirement benefits;

I pledge to oppose any plan that increases taxes;

I pledge to support allowing younger workers the option to voluntarily place a portion of their Social Security taxes in personal retirement accounts; and

I pledge to ensure that Social Security maintains a safety net to protect workers from poverty in their retirement.

Although the pro-account pledge effort is barely two weeks old, more than 50 candidates have already signed on. Those signing their names to this pledge include Democratic House incumbent Mark Udall (CO), Democratic House candidates Paul Lebon (TX), John Kutsch (IL), and Pauline Dixon (TX), as well as Republican candidates for Senate Norm Coleman (MN), Lindsey Graham (SC), and John Cornyn (TX),

Other organizations involved in this pledge effort include the 60 Plus Association, National Taxpayers Union, and America's Taxpayer's Union.

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