October 13, 2002 -- The two major candidates for Colorado's U.S. Senate seat argued over their different approaches to Social Security in a debate on Oct. 6.

Republican incumbent Wayne Allard supports Pres. Bush's proposal to allow Americans to invest a portion of their Social Security taxes in private accounts. Allard has pointed to reports that document that if something isn't done the Social Security system will be insolvent by 2015.

Democratic challenger and former U.S. attorney Tom Strickland opposes any privatization plan. Strickland argued the system needs to be reformed, but contended any surplus money in the system should be used to support the Social Security Trust Fund and not be diverted to pay for other government expenses. He says Social Security funds should be protected and used in conjunction with traditional retirement accounts.

Allard has called Strickland's stand on the issue unrealistic.

"In Tom's world, they have 401(k)s and they have personal savings accounts. But 44 percent of the American people aren't in Tom's world. They're in Wayne's world," Allard said during the debate.

Strickland countered that Allard's position endangers the well-being of the nation's seniors.

"Well, I'll tell you, Wayne's world subjects the seniors of America to unnecessary risk. They don't support it. It's a bad idea. And just because we have a mid- to long-term challenge doesn't mean we ought to embrace bad ideas," Strickland said.

Both sides have run ads on the issue and have sparred over statistics and past votes.

Strickland's camp points to resolutions and bills Allard has supported both as a member of the Senate and the House that would have given taxpayers the option of setting up individual retirement accounts with a part of their Social Security taxes.

"I think Social Security has worked for 67 years. People believe in it. They trust in it," Strickland said in the debate.

Allard said that three recent bipartisan commissions convened to find a fix for the system "all came up with the conclusion that we have to do something to allow people to make choices."

Allard has shied away from using the word "privatization" preferring instead to talk about "individualizing" the Social Security program "giving people choices." According to political writers in the state, Strickland's campaign strategy has been to associate Allard with the "p-word," a term that both sides say has a negative connotation for voters.

One Allard ad even tries to turn the tables on Strickland: "Strickland himself said he wanted to examine, quote, 'alternative investment strategies.' Sounds like privatization. Tell millionaire lawyer-lobbyist Tom Strickland the truth matters."

As recent polls show the race for tightening, the heated debate over Social Security may only increase with some three weeks left to go.