Gordon, constituents talk Social Security

U.S. Rep. Bart Gordon used this chart to show the rising amount of U.S. government debt being held by foreign interests, especially China and Japan, during an open meeting on Friday. (T-G Photo by John I. Carney) [Click to enlarge]

"Let's talk a little bit about Social Security," said U.S. Rep. Bart Gordon, D-Murfreesboro, during an open meeting on Friday.

"Let's talk a lot about Social Security," shot back one of his constituents.

Gordon was peppered with questions about Social Security and other issues while meeting with local residents in the Duck River Electric Membership Corp. auditorium.

Social Security is projected to have a surplus through the year 2018, according to figures Gordon presented from the Congressional Budget Office. At that time, it will start losing money as the Baby Boom generation retires and there are fewer people remaining in the workforce to support them. The cash-heavy Social Security trust fund has helped to prop up other parts of the federal budget over the years by buying federal bonds; it can continue to survive through 2052 by cashing in those notes, but in 2052 the program will plunge into the red.

Gordon said President Bush's proposal to allow some people to invest money in private savings accounts instead of Social Security is a separate issue which won't actually have any impact on averting the crisis. In fact, he claimed that private accounts, by taking money out of the Social Security program, would increase the national debt.

And Gordon noted that Social Security is more than just a retirement program. Of the people in the Sixth District receiving Social Security benefits, 65 percent are retirees, but 20 percent are receiving disability benefits and 15 percent are receiving survivor benefits. Gordon said the disability and survivor benefits could never be privatized because there is no way an insurance company, without the economies of scale, could offer that level of coverage at an affordable cost.

Gordon said gradual changes, implemented over time, are needed to fix the program. He agreed with one of the citizen speakers that Social Security was never intended as a sole source of retirement income.

And there are other problems at the federal level as well.

"Social Security is like a pot of gold compared to the problems we've got with Medicare right now," said Gordon.

Gordon also discussed the looming problem of the budget deficit. In the 1992-93 fiscal year, the federal budget deficit reached an all-time high, at $290 billion. Congress passed fiscal responsibility measures and managed to convert that into a $236 billion surplus by the year 2000. But those responsibility measures expired, and the deficit has grown out of control again, now standing at $427 billion.

That's just the deficit -- the amount the government goes into the red each year. The total national debt is so huge that last year, the government spent $160 billion on interest alone -- more than on education, the environment and veterans benefits combined.

And Gordon showed a graph showing how much of that debt is owned by foreign interests. One citizen suggested that the U.S. forbid foreigners from buying U.S. bonds, but Gordon said this wouldn't work -- America would have to pay huge interest rates if it could only sell to domestic buyers, and even then might not be able to find holders for all of its bonds.

"Rather than restrict who's buying them," he said, "we need to reduce the amount we're selling."

In other discussion, Gordon praised the Tennessee General Assembly for restricting the sale of ephedrine and pseudoephedrine, decongestants which can be used to make methamphetamines.

"Methamphetamine is not just a local problem," he said. "It's a local, state and federal problem."

He also expressed pride in the recent funding of $400,000 for Shelbyville's greenway project, saying projects which enhance the quality of life help communities attract industry.

Calvin Bledsoe accepts a posthumous Purple Heart on behalf of his brother Aaron Bledsoe, who died in 1963, for injuries Aaron Bledsoe suffered during World War II. U.S. Rep. Bart Gordon arranged for the posthumous medal and presented it during an open meeting on Friday in Shelbyville. (T-G Photo by John I. Carney) [Click to enlarge]

Gordon also made a presentation. Aaron Edward Bledsoe, who died in 1963, was a World War II veteran who was strafed by a German aircraft in North Africa. Bledsoe served under Gen. George Patton and fought in the battle at Katherine Pass; he later served in Korea as well. But he never received the Purple Heart due to a fire in Atlanta which destroyed military records.

Bledsoe's younger brother, Calvin Bledsoe, approached Gordon a year ago about having the medal awarded posthumously, and Gordon presented Aaron Bledsoe's medal to an emotional Calvin Bledsoe during Friday's meeting.

As an aside, Gordon noted a historic fact he learned from Rep. John Dingell of Michigan, the oldest serving member of the House. Dingell, himself a World War II veteran, would have been part of the first wave of troops invading Japan if the Japanese had not surrendered following the bombing of Hiroshima and Nagasaki. That invasion was projected to cause 400,000 to 500,000 casualties, and the Army had already ordered enough Purple Hearts to cover that bloodshed, and that surplus is still being used up 60 years later.

Calvin Bledsoe expressed his gratitude to Gordon and his staff and discussed some of the problems faced by Aaron Bledsoe after the war. Gordon, a strong advocate of health care for veterans, noted that veterans of Iraq will face similar challenges and said they deserve federal support.