The national political debate over privatizing a
portion of Social Security came to Rock Hill on Thursday, as U.S. Rep.
John Spratt, D-S.C., said privatization could increase debt and threaten
the program.
President Bush is advocating allowing an individual to invest 4
percent of Social Security money in a private account that could
increase returns through stocks and bonds.
Spratt and fellow Democrats claim that could prove to be a disaster.
Yet, Spratt, ranking Democrat on the House Budget Committee,
acknowledged to more than 150 at a public meeting at Winthrop University
-- many of them gray-haired and nearing retirement -- that Social
Security needs help. The solution, Spratt argued, is not privatization.
"I'm not here to deny there is a problem," he said.
The crowd peppered Spratt with questions about how changes could
affect descendants. Private accounts do not make Social Security solvent
for future generations, Spratt said, and more than 40 percent of
benefits paid out locally are spent for disabilities and survivors.
"The president has done his best to sell it, but he's not selling
it," Spratt said of the privatization idea. "Usually, that means there
is something wrong with the product."
Bush has his chance to sway South Carolinians. Although the visit is
not yet official, the president may speak to a joint session of the S.C.
General Assembly on Thursday.
Spratt said he favors an approach that would allow some of the total
Social Security money in the federal treasury to be invested in the
stock market to increase the return.
Comments Thursday ranged from risk for privatization outweighing the
benefits from retired Col. John Gossett, to concerns by Glenn McCall
that black people like him, who depend on Social Security more than
white people, don't live as long and aren't reaping enough benefit under
the current system.
Two people even commented to applause from the crowd that privatizing
some Social Security money would keep the government from being able to
spend it.
Spratt declined to endorse any specific alternative to Bush's plan
but said that the administration hasn't provided details either. He
advocated a bipartisan panel, similar to the 1983 group that hammered
out the last Social Security changes under a Republican president.
"I'm ready to sit down at any table with the president where we have
serious negotiations," Spratt said.
Andrew Dys •329-4065
adys@heraldonline.com
