State of New Mexico Archives: 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 State of New Mexico Politicians: Archives.
  • Click here for definitions & background information on Social Security.
  • Click here for other issues (main summary page).
2012 Presidential contenders on Social Security:
  Democrats:
Pres.Barack Obama(IL)
V.P.Joe Biden(DE)

Republicans:
Gov.Mitt Romney(MA)
Rep.Paul Ryan(WI)
Third Parties:
Green: Dr.Jill Stein(MA)
Libertarian: Gov.Gary Johnson(NM)
Justice: Mayor Rocky Anderson(UT)
Constitution: Rep.Virgil Goode(VA)
Peace+Freedom: Roseanne Barr(HI)
Reform Party: André Barnett(NY)
AmericansElect: Gov.Buddy Roemer(LA)
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Page last updated: Dec 16, 2013