Social Security Forgets Young, Craig Cautions Senator Tells Town Hall Meeting Fix Is Needed, But He Thinks Clinton’S Market Plan Is Wrong

The Social Security system works fine for people retiring now, but it’ll be a raw deal for younger generations, U.S. Sen. Larry Craig said Thursday at a town hall meeting on the subject.

About 100 people, the majority of whom were high school students, attended the meeting at Lake City High School. Meetings were held in Nampa, Boise and Lewiston earlier this week.

“Under the current tax system - money going in and money going out - the Social Security system is solvent until the year 2013,” Craig said. But after that, the government will pay more in Social Security benefits than it collects in Social Security taxes. And come 2034, it will be technically broke, he said.

Plenty of possible fixes for the system are being tossed around Washington, D.C. While Craig hasn’t decided which he prefers, he opposes any changes to the program for people receiving benefits now or in the near future, he said.

And he opposes President Clinton’s plan.

Clinton has called for using budget surpluses to help Social Security and for investing some Social Security money in the stock market.

“I was one of those who said, `No, Mr. President,”’ Craig said. “It’s a bad idea.”

Craig doesn’t like the idea of a White House administration playing specific stocks with tax money, he said. He worries that stock purchases could be politically motivated. However, Craig said he’s looking at an idea that would allow a portion of Social Security money to be invested in an S&P 500 stock portfolio.

One man complained during the question-and-answer period of the meeting that he was paying income taxes on his Social Security benefits. Craig said he agreed that it was double taxation and had voted against it.

Buell Hollister of Post Falls said the Social Security system wouldn’t be in such dire straits if wages for workers were better.

Another man asked why more moderate changes weren’t being considered. Craig said moderate changes wouldn’t do enough to save the system for younger generations.

“It’s unfair of seniors to say `increase our benefits, but have someone else pay the taxes for that,”’ he said.

Three high school students asked why the Social Security system is needed or why they couldn’t be allowed to opt out of it. Craig replied that while as a conservative he likes keeping government out of people’s lives as much as possible, the Social Security system is needed.

Tyson Lewis, a sophomore who attended the meeting as part of a class, said he was comforted to know that Congress was working on saving Social Security for when he retires.

“It’s good that they’re trying to get kids involved,” he said.