Obama and Romney talk retirement

The candidates on the issues

On whether his daughters’ generation will experience aging differently than his.

Obama: It's already changed for my generation. When my grandparents were in their 50s, they were already "older." They drank, they smoked, they didn't exercise, they ate all kinds of stuff. And so they were already slowing down pretty good. Now I have friends who are 65 and 70 who are in better shape than my grandparents were when I was a kid. Americans want to be judged by their capacities, their interests, their curiosity, their imaginations, and not just by a number. I do want to make sure that when Malia and Sasha are entering their 50s, we still have the security of Social Security. Of Medicare. That we have maintained our commitment to people having basic security if things don't go well in their later years.

The candidates on the issues

On creating jobs and growing the economy in a way that provides equal opportunity for all:

Romney: “Government shouldn’t pick economic winners and losers. Instead, government should provide an environment that encourages broad-based economic growth by lowering tax rates on individuals and corporations, fostering the production of affordable domestic energy, and rolling back regulatory excesses. We should foster an environment where small businesses can focus on building their businesses and hiring new workers. A large number of small businesses report that the uncertainty engendered by tax and regulatory policies has kept them from hiring. We need to restore a climate of confidence and stability that will enable business to make the accurate forecasts necessary for hiring and investing.”

The candidates on the issues

On the deficit and criticisms of "greedy geezers" who care only about their entitlements.

Obama: Well, seniors have paid into Social Security. They've paid into Medicare over a lifetime of hard work. And the notion that somehow they are asking for something that they don't deserve makes no sense to me. They're also under severe stress from the rise in things like gas prices, food prices, and home heating-oil prices. And if you're on a fixed income and the inflation rates on things like that are going up faster than your income, you have reason to worry. But I also think that older Americans don't want to leave huge debts to their kids and their grandkids in the form of massive deficits. That's why it's been important to reform the health care system, which is different from simply lopping off benefits under Medicare.

The candidates on the issues

On the possibility of slowing the growth of Medicare costs without hurting access or quality.

Obama: What we did in the Affordable Care Act was to say there are ways we can get better bang for our health care dollars. The reforms ensured seniors can get preventive care, which could lead to less-expensive care down the road. Routine mammograms and colonoscopies are covered, there are 50 percent discounts on brand-name prescription drugs, and ultimately there's a close in the doughnut hole. At the same time, we've said to hospitals and doctors: "Let's do things smart." Let's make sure we're not subsidizing the insurance industry for services that Medicare provides perfectly adequately. And that's in contrast to some proposals you've seen that say, "We're going to give you this set amount of money. You go into the open marketplace to try to buy health insurance," and lo and behold, you may not be able to buy it because the insurance companies are charging a lot more than what your voucher's worth. That's a way of shifting costs onto seniors. But we actually want to reduce costs.

The candidates on the issues

On Medicare for today’s seniors and future retirees:

Romney: “If we act now, we can save and strengthen Medicare for today’s beneficiaries and ensure no disruption for those who will enroll within the next decade. Future beneficiaries would be given the power to choose from a set of Medicare-approved plans or the existing “traditional” fee-for-service plan, whichever they prefer. The coverage and services these plans provide would be required to be at least as good as those that beneficiaries receive today. Medicare would also provide seniors with defined financial support, to help them purchase a plan that best fits their needs. Seniors will be allowed to keep the savings from less expensive options, or they may choose to pay more for costlier plans if they want. Requiring insurers to compete against each other to provide the best value to seniors will cause health care quality to improve and costs to decline, thus ensuring that Medicare will be protected for today’s seniors and strengthened for future generations.”

The candidates on the issues

On the growth of of Social Security costs.

Obama: I think we can make progress. We're ahead of the game in the sense that we're already having a vigorous debate now, and there's no danger of Social Security going bankrupt. The issue is, can we make these tweaks to ensure that everybody who's expecting a dollar in Social Security payments gets a dollar instead of 75 cents? And the sooner we do it, the better off we're going to be. I think that if we can make some progress first on Medicare and Medicaid, because those are the entitlement programs that are really driving the long-term debt, we'll have a framework of negotiations to actually do something on Social Security as well.

The candidates on the issues

On the trend of adults in their 20s and 30s moving back home:

Romney: “It’s a tragedy that so many young people are unable to find work and are being forced to move in with their parents. Even many college graduates are taking jobs that are not matched to their educational attainments. I have a plan to get America back to work. It involves restoring economic growth by getting government out of the way. With the right policies in place, we can turn things around and restore economic growth. Some governors have already shown, at the state level, that a sound budgetary and regulatory approach yields real dividends. Of course, they have faced obstacles from Washington. But if we can remove those obstacles—and I believe we can—we will see a return to growth and prosperity. Our difficulties now should not be underestimated, but with the right policies they will be just a bitter memory.”

The candidates on the issues

On the best long-term solution to our country’s energy needs:

Romney: “We are in the midst of an energy revolution in this country, thanks to technological innovations that have made oil, natural gas, and clean-coal energy available in quantities never before imagined. If we embrace these resources, instead of stifling them, America will be the next energy superpower—and we can end our dangerous dependence on OPEC oil. Within this decade the American energy sector has the potential to drive a profound reindustrialization and revitalization of the American economy, creating good jobs with good wages and launching a new era of prosperity for our nation. Manufacturing will return to our shores, instead of being chased overseas.

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The candidates on the issues

On those the unemployed, those who are underwater on their homes, folks who are supporting their adult kids and aging parents.

Obama: What I can say to them is that things are getting better. Traditionally it takes a little longer to come out of a financial crisis than out of a normal recession. The tax cut that we passed in December on a bipartisan basis — helping people with their payroll tax — is putting more money in people's pockets. Yet a lot of jobs that traditionally used to be there — not just in manufacturing, but jobs like a bank teller or a travel agent — aren't as available now as they used to be. And so we have to get not just our young people, but people who are midcareer, retrained for jobs that exist now, as opposed to the jobs that existed yesterday. And as we get a handle on our deficit, we've got to make investments in education, in basic research, in clean energy, and in infrastructure.

What if you could vote "None of the Above?"

After the fall of the Soviets, Russians voters demanded the right to reject candidates. The New York Times called their “None of the Above” ballot option “the ultimate protest vote.” Is it needed here? Read next feature >