Bean, Greenberg asked about economy at forum

Energy and the economy emerged as key issues Saturday when the two candidates in the 8th Congressional District race squared off Saturday in Schaumburg.

Answering questions submitted by the audience, U.S. Rep. Melissa Bean, a Barrington Democrat, and her Republican opponent, Steve Greenberg of Long Grove, discussed Social Security, the recent federal bailout plan and the need for different sources of energy. In what may be a sign of where the national mood is, no direct questions were asked about the war on terror.

The discussion, held at Friendship Village and sponsored by the League of Women Voters, was pointed but polite. In her opening remarks, Bean said she was proud of her record on matters of national importance, like the bailout plan, and local interest, like her opposition to the takeover of the EJ&E railroad. She said she'd continue to be a voice for suburban taxpayers if given a third term in the U.S. House.

Greenberg, a business owner seeking elected office for the first time, said both parties in Washington have "forgotten who the customer is," and he pledged to hold every department in the federal government accountable for how they spend tax dollars.

On the issue of Social Security, Bean said she opposed privatizing the program. Letting even a few Americans "opt out" and invest elsewhere would add to the $2 trillion shortfall the program already faces, she said. Bean also asked what would happen to those people in the event of another economic crisis.

"The government would have to step in and help for them to get their checks," she said. "Instead of Social Security, you'd have Social Insecurity."

Greenberg disagreed. He said that while contributions made by the generation before must be honored, privatization should begin with the generation to come.

"I still believe corporations are good, and the free market is positive, and you'll make more money in the long run investing it yourself vs. the government," Greenberg said.

With regard to the recent $700 billion bailout plan approved by Congress, Greenberg blasted Bean and her colleagues in the federal government for failing to see that a mortgage crisis was brewing. Now that the crisis is here, he said the government's main concern has to be getting the nation's credit process moving again so families and mom-and-pop retailers can get loans and continue to do business.

"Main Street America, in everything we do, has to be protected," he said.

Bean said she and others on the House Financial Services Committee did recognize that the lending practices in the subprime mortgage market were reckless and could cause a problem. She said she supported a number of measures designed to improve lending practices, and that when the bailout plan came up for discussion, she argued for changes that would protect taxpayers. One of those insures that "when the financial institutions we helped start to profit, taxpayers will share in that profit."

Both Bean and Greenberg asserted the importance of pursuing alternative sources of energy like wind and natural gas. Both also expressed support for offshore drilling.

The League of Women Voters of the Palatine Area sponsored Saturday's forum. The 8th Congressional District includes portions of Cook, Lake and McHenry counties.