John McCain wanted to put YOUR Social Security funds in Wall Street accounts

[Bluebear]

McCain Voted for Bush’s 2006 Social Security Privatization Plan. In 2006, McCain voted for the Social Security Reserve Fund. The proposal would shift Social Security’s annual surpluses into a reserve account that would be converted into risky private accounts.

In 2000 McCain Wanted to Divert Social Security Money to Private Accounts. The Wall Street Journal reported that “ centerpiece of a McCain presidential bid in 2000 was a plan to divert a portion of Social Security payroll taxes to fund private accounts, much as President Bush proposed unsuccessfully.” The plan would put workers’ retirement money into the risky market and reduce the amount of Social Security payments they would receive from the government. The plan would undermine the Social Security system.

McCain STILL Proposes Privatizing Social Security—Despite What His Website Says. McCain told the Wall Street Journal he still backs a system of private retirement accounts that he supported in 2000 and President Bush pushed unsuccessfully. The Journal reported he “disowned” details of a proposal on his 2008 campaign website that says he would “supplement” the existing Social Security system with personally managed accounts. But when asked about the position change he denied it and promised to change the website to reflect his true position. “I’m totally in favor of personal savings accounts… As part of Social Security reform, I believe that private savings accounts are a part of it—along the lines that President Bush proposed,” McCain told the Journal.

McCain Might Raise the Retirement Age and Reduce Cost-of-Living Adjustments. “he McCain campaign says the candidate intends to keep Social Security solvent by reducing the growth in benefits over the coming decades to match projected growth in payroll tax revenues. Among the options are extending the retirement age to 68 and reducing cost-of-living adjustments, but the campaign hasn’t made any final decisions. ‘You can’t keep promises made to retirees,’ said Mr. Holtz-Eakin, McCain’s chief economic aide.”

McCain Supported Deep Cuts That Put Social Security Benefits at Risk. In 2005, McCain supported a Social Security plan that would require deep benefit cuts or a massive increase in debt. That same year, McCain voted against prioritizing Social Security solvency over tax cuts for the wealthy.

McCain Voted to Use Social Security Money to Pay Off National Debt. In 2003, McCain voted to use Social Security funds to pay off federal debt.

McCain Voted Against Protecting Social Security Solvency with a Strategic Reserve. In 2001, McCain opposed reducing tax cuts for the wealthy to create a strategic reserve for Social Security. In the same year, McCain voted against a proposal to create “lockboxes” to protect Social Security and Medicare.

McCain Voted to Replace Social Security with Risk-Based Investments. In 1998, McCain voted twice to replace Social Security’s guaranteed benefits with income from risk-based private investments.

http://www.aflcio.org/issues/politics/mccain_retirement.cfm

[Xipe Totec]

1. Right now, a lock-box is looking pretty good... n/t

[aquart]

2. That headline needs to be an ad.

The body of the ad just needs to list the failed banks and investment firms.

With a stock ticker listing today's drop.

[C_U_L8R]

3. Holy cow !!! Just imagine if the country had listened to McCain

If McCain really had his way, we'd all be twice as fucked as we already are (thanks to McCain and Co.)

[JuniperLea]

4. Proud to be the first to rec!

This is a great list... needs to be kept with the list of lies I link in my sigline...


Delay in hitting post... all hell breaking loose at work today... clients pulling hair out... pictures at eleven.

[alsame]

5. Obama, Biden and all the surrogates have to scream this

message. Privatizing SS is one (just one, but a big one) of my fears if we have another Repub administration.

[Bluebear]

6. This needs to be highlighted by Obama/Biden

And I am the last one to say they "need" to do anything, but talk about something to which the public can relate after today!

[Bluebear]

13. .

[LiberalFighter]

7. Stock Market comparison Clinton vs Bush

CLINTON ** Jan 20 1993 open 3,255.99 -- Jan 19 2001 close 10,587.59 -+- 7331.60 increase
BUSH ** Jan 20 2001 open 10,882.25 -- Sept 12 close 11,421.99 -+- 539.74 increase

[lonestarnot]

8. I will save him the trouble. Anyone who wants to throw away their check can just mail it to me.

:evilgrin:

[HootieMcBoob]

9. Yup, Let's not forget that and let's all repeat it loudly!

A good thing to mention to every senior we know. There are a whole lot of them living in Florida too by the way :)

[Nydari]

10. I don't know why Obama isnt using this kind of stuff in his tv ads.

Show the average joe how McCain would effect their bottom line - health insurance, social security, economy, etc.

[YellowRubberDuckie]

11. McCain doesn't read does he?

Did he see what the Dow did today? What an idiot.
We have got to get these idiots away from the economy and money.
Duckie

[bettyellen]

12. thanks for the reminder + link!

[DCKit]

14. McCain's idea of a "privatized retirement":

[yurbud]

15. that would be a BULLETPROOF commercial: John McCain, George W. Bush and their

Wall Street friends wanted to privatize social security, so your retirement could end up in their friends bank accounts in the Cayman Islands, and you'd be left with nothing.

[Breeze54]

16. McCain: "I've never been involved with Wall St, the financial workings of the country....

[crickets]

17. Don't mess with the retired Social Security set. They will not stand for it.

Put this on a few well placed billboards and take out an ad in AARP Magazine:

‘You can’t keep promises made to retirees,’ said Mr. Holtz-Eakin, McCain’s chief economic aide.

and McCain is toast. Finished. Finito. The End.

[crickets]

18. Kick -nt