DNC – McCain Watch: Same-As-Bush Plan to Privatize Social Security

    On 73rd Anniversary of Social Security, McCain Would Put Most

Successful Program in History in Jeopardy







    WASHINGTON, Aug. 14 /EMWNews/ -- The following was

released today by the Democratic National Committee:



    



    Today John McCain is celebrating the anniversary of the creation of

Social Security -- the program that has helped keep retirees, surviving

spouses and children and the disabled from poverty for over 70 years -- by

reviving Bush's risky scheme to privatize Social Security. McCain has a

long record of voting against protecting Social Security, and he recently

even called Social Security a "disgrace." As all Americans are struggling

economically, McCain wants to gamble with the economic security of those

Americans most affected by the failed Bush-McCain economy.



    The Bush-McCain Social Security privatization plan would blow a hole in

the federal budget and end Social Security as we know it. The Bush-McCain

privatization scheme would cost Americans $1 trillion initially -- that's

just to transition to private accounts -- and a total of $5 trillion over

20 years. Their plan would endanger guaranteed benefits even as the economy

continues to deteriorate, with job losses mounting and the cost of energy

spiraling out of control.



    Recent double-talk and continuing contortions on Social Security will

not help McCain escape his record of supporting privatization. In 2004,

McCain claimed that Social Security could not be preserved for younger

generations "without privatization." In 2005, McCain campaigned alongside

Bush in a failed attempt to sell their risky Social Security privatization

scheme, and Americans rejected the Bush-McCain plan for privatization. Now

in 2008 McCain's back with more of the same, and he'll get the same answer

-- no.



    McCain has been steadfast in his commitment to privatizing Social

Security -- and jeopardizing the benefits of those Americans most affected

by the failed Bush-McCain economic policies.



    MCCAIN, BUSH AND THEIR PLAN TO PRIVATIZE SOCIAL SECURITY



    2008: McCain Called Social Security "an Absolute Disgrace." As reported

by the Washington Post, McCain said at a town hall in Denver on July 7,

2008, "Americans have got to understand that we are paying present-day

retirees with the taxes paid by young workers in America today. And that's

a disgrace. It's an absolute disgrace, and it's got to be fixed."

[Washington Post, 7/9/08]



    2008: McCain "Totally In Favor" of Bush Privatization Plan. Earlier

this year, McCain said "As part of Social Security reform, I believe that

private savings accounts are a part of it - along the lines of what

President Bush proposed." He pointed out that I campaigned in support of

President Bush's proposal and I campaigned with him, and I did town hall

meetings with him." [Wall Street Journal, 3/3/08]



    2005: McCain Campaigned for Bush Social Security Plan. "McCain has been

especially supportive of his onetime rival, appearing with Bush at three

events over the past two days in trying to prod Democrats into negotiations

to include private accounts in a plan to revamp Social Security."

[Washington Post, 3/23/05]



    2005: McCain: "Private Savings Accounts Work." While appearing with

President Bush in Tucson, Arizona, McCain said, "Private savings accounts

work. They have been proven to work not only in America but all over the

world, and we ought to really strongly support it." [Presidential speech in

Tucson, Arizona, 3/21/05; Weekly Compilation of Presidential Documents]



    2004: McCain Says Privatization Only Way to Go Forward. Responding to a

question of whether "privatizing Social Security be a priority for you

going forward?" McCain answered, "Without privatization, I don't see how

you can possibly, over time, make sure that young Americans are able to

receive Social Security benefits." [C-Span Road to the White House,

11/18/2004]



    McCain Supports Replacing Social Security Benefits With Risk-Based

Private Savings Accounts. In 2006, McCain voted for the Social Security

Reserve Fund. The GOP proposal would shift Social Security's annual

surpluses into a reserve account intended to be turned into risky private

accounts. In 2005, McCain voted to keep the option open for congress to

pass a social security plan that could require deep benefit cuts or a

massive increase in debt. That same year McCain voted against legislation

that would prioritize social security solvency over tax cuts for the

wealthy. And, in 1998 McCain voted twice to replace Social Security's

guaranteed benefits with income from risk-based private investments. [SCR

83, Vote 68, 3/16/06, Failed 46-53, D:0-44, R:46- 8, I:0-1; SCR 18, Vote

49, 3/15/05, Failed 50-50, D:44-0, R:5-50, I:1-0; S.Amdt.144 to SCR 18,

Vote 47, 3/15/05, Failed 45-55, D:44-0, R:0-55, I:1-0; Vote No. 56, SCR 86,

4/1/98, motion passed 51-49 (R 49-6, D 2-43); Vote No. 77, SCR 86, 4/1/98,

motion passed 50-48 (R 49-5, D 1-43)]



    Paid for and authorized by the Democratic National Committee,

http://www.democrats.org.



    This communication is not authorized by any candidate or candidate's

committee.