At age 71, Bob Schieffer of CBS News isn’t the oldest journalist moderating a presidential debate this election season. Jim Lehrer of PBS is 74.

Still, Schieffer may have a more-than-passing interest in issues related to retirement and aging—and I hope you do, too. The challenges facing the next president include the long-term solvency of Social Security and Medicare. These two programs are the most important lynchpins in American retirement security—and they are among the biggest stress points for the federal budget. At the same time, big questions loom about the retirement security of America’s growing older population.

Assuming the nation’s Wall Street financial crisis doesn’t take up the entire forum, here are some of the questions I hope Schieffer will ask the candidates when he moderates the Oct. 15 presidential debate on domestic and economic issues. Bob—feel free to steal at will!

Social Security

Senator McCain: Social Security is facing a solvency problem. The huge baby boomer generation is starting to retire and receive benefits, and most forecasts say Social Security’s expenses will surpass incoming revenue starting in 2017, which would force the system to start relying on its trust fund. And that would only last until the year 2041.

You have responded by advocating Social Security privatization of the type proposed by President Bush in 2005. This would allow people to put some of their Social Security dollars into private savings accounts, where the funds could be invested in mutual funds or other investments. But doesn’t the recent tumult in our markets and financial system serve as a reminder of the risks this would entail? Please explain why privatization doesn’t put at risk the only “sure thing” Americans can count on in retirement—a regular Social Security check? And how would privatization address the Social Security’s solvency problem?

Senator Obama: Rather than privatize Social Security, you call for shoring up the system through increased payroll taxes over a period of years on high-income wage earners. You’ve also said you don’t want to cut anyone’s benefits. That sounds like a relatively painless solution to a problem that most experts say will require some pain in the form of higher taxes and benefit cuts.

Some Social Security experts propose a modest increase in the eligibility age for benefits. Americans are living longer, and most baby boomers say they intend to keep working beyond the traditional retirement age. Won’t the ultimate solution to Social Security’s problems require tax increases and some reasonable reduction in benefits?

Senator McCain: It’s been hard to tell if you believe tax increases will be part of the solution to Social Security’s problems—you’ve been quoted saying that “everything has to be on the table” on Social Security—but you’ve also been quoted saying you wouldn’t raise taxes. Would you support tax increases to get Social Security on the path to solvency?

Medicare

Senator Obama: Medicare’s solvency problems are even tougher to address than those facing Social Security. Projections show that the Medicare hospital insurance trust fund will be exhausted in 2019 if current trends continue. But fixing Medicare is even more complicated than bolstering Social Security, because government will need to find a way to slow spending on health care. You’ve proposed allowing Medicare to negotiate drug prices, much as the Veterans Administration does. How much saving do you expect to achieve through drug negotiation, and will it be enough to fix Medicare?

Senator McCain: Your solution to Medicare’s problems focuses on changing the way medical professionals are paid from a fee-for-service to a fee-for-outcome system. You’ve also said you’d impose higher fees on wealthier people. Who exactly would pay these higher fees? Some experts have suggested that you’d also have to make changes affecting Medicare recipients with incomes of $50,000 or less to achieve any substantial savings. How much do you expect the Medicare program would save by implementing these changes? Will it be enough to fix Medicare?

Retirement Security

Senator Obama: Participation in 401(k) retirement savings plans is much lower among lower-income workers than in higher-income groups. You’ve proposed automatic retirement saving plans that include a mandate for employers who don’t offer retirement plans to employees. They would have to automatically enroll employees in a direct-deposit IRA account, although employees also could opt out. Won’t this put some heavy burdens on employers, especially small businesses?

Working Longer & Engaging Boomers

Senators Obama and McCain: Both of you participated in the forum on national service held on the seventh anniversary of 9/11, but neither of you talked much about civic engagement among older citizens.

Mobilizing this group could have enormous impact, because the group is so large; baby boomers alone account for roughly 78 million adult Americans. At the same time, many older Americans who’d like to leave their primary careers to take on volunteer roles say they’re held back by problems like a lack of access to healthcare and worries about having enough money to live on.

What specific policies would you implement as president to help tap into the potential for civic engagement among older Americans?

Resources

Social Security gets is turn as a campaign issue - Retire Smart column, August 27, 2008

Archive of other Social Security articles at RetirementRevised

Obama website - official positions on seniors and retirement

McCain website -no section on the site detailing positions on seniors and retirement.
Senators Barack Obama and John McCain addressed AARP’s Lfe@50 conference via satellite video hookups in September.

Here, Obama discusses his views on Social Security.

Here, McCain issues his famous straight talk dictum that Social Security is a “disgrace.”