Iowa retirees tell Rep. Braley about Social Security worries

CEDAR RAPIDS - Republican proposals for privatization is not the only to Social Security, seniors told U.S. Senate candidate Rep. Bruce Braley.

'My biggest concern is the job situation,” said Donald Johnson, 66, of Cedar Rapids. His Social Security check has made a 'huge difference in being able to live a good lifestyle” since the Cedarapids, Inc., plant where he worked closed four years ago.

'I'm worried there's not enough people paying in,” said Johnson, one of a half dozen retirees who discussed retirement security with the Democratic Senate hopeful in Cedar Rapids Monday. He was referring to Social Security statistics showing that in 1942 there were 43 workers for every retiree. As recently as 1955, there were more than eight workers contributing to Social Security for every retiree. Today, fewer than three workers are paying Social Security taxes for each person collecting benefits. That's projected to fall to two by 2034.

'That really bothers me,” Johnson said. 'We need more people in better-paying jobs to keep Social Security strong.”

Other participants in the candidate's round-table discussion called for a minimum-wage increase and closing income disparity gaps as ways to improve the economy and increase the sustainability of Social Security. Other suggestions were to remove the cap on paying into Social Security and limiting benefits to wealthier recipients.

Braley agreed the changing demographics of Social Security can't be ignored.

'We have to rethink how to fund these programs to sustain them over the long-term,” he said.

Privatization isn't a solution, the retirees told Braley.

'Our fear is privatization,” said Rich Running, a former state lawmaker from Cedar Rapids who said many people don't have the financial skills to manage their retirement programs.

'It's an essential part of Americans, Iowans surviving in an ever-increasing cost of living environment,” Running said.

Braley predicted Social Security will be 'one of the big topics” is his race against GOP nominee State Sen. Joni Ernst for the seat now held by Sen. Tom Harkin.

He and Ernst 'have drastically different opinions” on what should be done to ensure the long-term viability of Social Security, Braley said.

Social Security is 'party of that promise of retirement security” that seniors rely on and younger Americans expect to be there when they reach retirement age. Privatization is nothing more than 'gambling on the stock market,” he said.

Ernst does have a different perspective on Social Security, campaign spokeswoman Gretchen Hamel said.

'Joni is interested in reforming those entitlements to ensure there is a safety net in the future,” Hamel said. 'She's also wondering what's Bruce Braley's plan to make those programs sustainable.”