Talk to Sen. Robert Bennett

Fri Sep 22, 10:22 PM ET

The current guest on Talk to Power is Sen. Robert Bennett (news, bio, voting record). The Utah Republican is fielding your questions now, and will appear on Yahoo! News this week to respond to some of the most interesting reader posts.

Thanks in advance for your comments and questions, and to Sen. Bennett for participating.

Sen. Robert Bennett

Early questions from Yahoo! readers focused on economic issues, reflecting Sen. Bennett's role as vice chairman of the Joint Economic Committee and a senior member of the Senate Banking Committee.

He is perhaps best known for his efforts to reform

Social Security. Part of his solution is to table the idea of private retirement accounts — a highly divisive issue —and focus instead on payment and benefit formulas.

Earlier this year he won both praise and criticism for voting against the flag-burning amendment. The Deseret News quoted him as saying, "I yield to no one in my respect for the flag, but my oath of office is to uphold and defend the Constitution, not the flag."

Here are some comments readers have posted so far:

On taxation and Social Security

"Do you see a day where Americans, specifically Democrats, will see the wisdom in a tax system overhaul where tax is based on consumption rather than income? What will it take to get us there? I find it amazing that the minority party and some in the majority so violently oppose both tax reform and Social Security reform. Old thinking will get old results."

"Senator Bennett: Social Security is often used as a campaign issue by both sides, more for political gain than for constructive improvement and/or solutions. What can you do as a member of the Senate to focus the effort more toward finding a workable solution? Frankly, I am not hopeful that we will see a comprehensive solution and merely expect myopic tinkering. Can you offer a positive outlook on this issue?"

"We can cry about what has been done and about SS but I think the best solution is to raise retirement age...significantly."

On debt and the deficit

"My largest concern is personal and government debt. I feel at this point its rapidly growing as a larger concern than social security. Currently the government has been telling people to keep spending as an economical perception that we are not in a recession. I feel it has reached extremes with personal debt growing far more than any other country in the world. Where as other countries in Europe and Asia actually have a personal savings surplus..."

"I would like to know what congress is going to do about the budget deficit. The defecit has gone up more during the 6 years of the Bush administration than in the first 200 years since the signing of the Declaration of Independence. This is incrediby irresponsible and will burden everyone from our senior citizens to our children and grandchildren. What is congress going to do to get spending under control?"

On the polarization of American politics

"This question concerns the basic structure of our political framework, the party system.  I've come to believe that all candidates should run as independents, with no affiliation. I believe wholeheartedly that the party system stymies progressive thinking and I'm completely fed up with the 'follow the leader' mentality that it creates. Any thoughts?"

 

Posting your questions and comments

We encourage comments and questions for Sen. Bennett about Social Security, the economy, tax policy, and other topics. As always, we are interested in knowing about you and what is motivating you to participate.  And we especially encourage younger users ("Generation Next") to offer their thoughts.

Please be clear, succinct and civil, and be sure to check back next week for responses.

Next: Sen. Robert Bennett responds
Previous: Sen. Jack Reed responds to Yahoo! readers

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Comments

Join the discussion. Here you'll see the comments in the order they were posted.

1
To Senator Bennett: I am curious about "worst-case" scenarios for Social Security. What happens if no changes are made to the current system? Do you believe that no payments would be made to people who are now under 30? (Or 40 or whatever.) Thank you. Also I wonder how many people that age believe they will receive social security when they retire... or if many don't expect to collect at all.
Posted by ztrelfs on Thu, Sep 21, 2006 12:50 PM ET
2
To Senator Bennett: I have a real problem with the practice of using the Social Security surplus to mask the size of the Federal deficit. The theory is that social security payments (coming in) are treated as revenue and payments (going out) are treated as expenditures...thus any excess revenue can be used to cover expenditures elsewhere. However, that money has already been allocated to pay Social Security benefits to someone, even if they're not calling for it right now. The surplus spent today simply incurs a debt to be paid in the future...unless the government is not committed to supporting Social Security in the future. The Public Budget Database (http://www.whitehouse.gov/omb/budget/fy2007/db.html) details receipts and outlays, including social security. When you take the Social Security funds out of the budget, you see the true size of our budget deficit: For 2005: Total Receipts: $2,153,859,000 Total SS Receipts: $1,072,459,000 (49.79% of all receipts) Receipts sans SS: $1,081,400,000 Total Outlays: $2,472,205,000 SS Outlays: $561,326,000 (22.71% of all outlays) Outlays sans SS: $1,910,879,000 Surplus/Deficit with SS Funds: -$318,346,000 Surplus/Deficit w/o SS Funds: -$829,479,000 Without using Soc. Security funds to mask spending, the deficit was $829.5 billion. (Continued) ================================ (Continued from prior post) For 2006: Total Receipts: $2,285,491,000 Total SS Receipts: $1,118,264,000 (48.93% of all receipts) Receipts sans SS: $1,167,227,000 Total Outlays: $2,708,677,000 SS Outlays: $592,450,000 (21.88% of all outlays) Outlays sans SS: $2,116,227,000 Surplus/Deficit with SS Funds: -$423,186,000 Surplus/Deficit w/o SS Funds: -$949,000,000 Without using Soc. Security funds to mask spending, the deficit this year will be $949 billion. ========================= For 2007 (Projected): Total Receipts: $2,415,852,000 Total SS Receipts: $1,144,748,000 (47.38% of all revenue) Receipts sans SS: $1,271,104,000 Total Outlays: $2,770,097,000 SS Outlays: $622,709,000 (22.48% of all outlays) Outlays sans SS: $2,147,388,000 Surplus/Deficit with SS Funds: -$354,245,000 Surplus/Deficit w/o SS Funds: -$876,284,000 Without using Soc. Security funds to mask spending, the deficit next year is projected to be $876.3 billion. And all that Social Security surplus will need to be paid back down the road...for 2005 that amount was $511,133,000; for 2006 it will be $525,814,000, and for 2007 it's projected to be $522,039,000...a total of $1,558,986,000 for just those three years alone. That's $1.5 trillion that will need to be accounted for in a future budget...which will put us $1.5 trillion deeper in debt, or force us to do without $1.5 trillion worth of government services, or military supplies...or force us to raise our taxes to compensate. Or simply choose to not pay back the funds borrowed from Social Security, to the detriment of those who are paying into Social Security and who expect to receive their benefits someday. Would you favor legislation that will remove Social Security from the general fund and prevent the spending of Social Security surpluses for other purposes? If so, will you commit to sponsoring such legislation?
Posted by yogi61bear on Thu, Sep 21, 2006 1:38 PM ET
3
To Senator Bennett:I’m very angry that Congress has used Social Security taxes for years in the General Fund….and now at the stage where “Baby Boomers” need to receive their benefits, Congress is calling “foul” and claiming that there is not enough money to meet commitments. What is going on with the GOP that they are spending deficits as far as the eye can see and about to pull the rug out from under WORKING AMERICANS who have paid for DECADES INTO SOCIAL SECURITY only to have it yanked out from under them? Thanks for NOTHING….from a Former Lifelong Republican.
Posted by tiztops on Thu, Sep 21, 2006 1:40 PM ET
4
I realize that the amount contributed per individual in to Social Security is generally far less than what that individual takes out. I would like to know how many people (illegal immigrants primarily) are paying in to Social Security with no hope of ever receiving any SS payments at retirement age.
Posted by spiritteamcgb on Thu, Sep 21, 2006 1:45 PM ET
5
why are we treated as thjough we are stoo stupid to make investment choices on our own, I want the opportunity to make choices is it because then the government won't have control of the money,,,come on lets be honest
Posted by seminary1910 on Thu, Sep 21, 2006 1:59 PM ET