Local seniors worried about Social Security

Hungry Horse News

Many local seniors have a skeptical outlook about President George W. Bush's plan to partially privatize Social Security.

Bush, who will be in Great Falls today (Feb. 3), proposed that younger Americans should be able to voluntarily put some of their payroll taxes in private investment accounts rather than the Social Security fund. The plan could mean cuts in benefits.

"I don't like it," said Bunny Personett, a retired Columbia Falls resident. "No way."

Personett said people might draw from the investment funds early if they have financial trouble, and then they won't have enough money for retirement.

Local retiree Bella Betson said most young people won't invest the money wisely enough for the plan to effective.

"It might work for some people, but it won't work for the average person," she said.

Experts are predicting Social Security won't be able to pay full benefits by 2042. And some politicians, including Bush, are saying reform is necessary to save the program.

Retiree Jim Grant, of Columbia Falls, said leave the program alone.

"If you mess with it, you goof it up," he said. "If they use it for what it's intended, they'll have plenty of money."

Ernie Weaver, also a retired Columbia Falls resident, agreed with Grant and said that the government should not take money from Social Security to pay for other programs.

"If they stop spending money, they've could've paid for Social Security off the interest," Weaver said.

Grant said privatization might do some people some good, but it's going to shrink the amount going into the program, which will cause problems.

"You've got to have that money going in," he said.

He does not want cuts in benefits because he said Social Security payments are already too low and not keeping up with inflation.

Bush is coming to Great Falls to rally support for his plan today. The appearance is intended to put pressure on Sen. Max Baucus, a Democrat. But, according to Barrett Kaiser, the senator's spokesperson, Baucus is firmly against privatization of social security.

"Max shares the president's goal to strengthen Social Security," Kaiser said. "But he doesn't support privatizing it because this could lead to huge benefit cuts and add $2 trillion to the national debt. He doesn't think Social Security is in a crisis."