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Dems Target McCain on Social Security
September 19, 2008 9:03 PM
ABC News' Teddy Davis and Rigel Anderson report: John McCain came under fire on Friday from defenders of the current Social Security system after his aides signaled to the Associated Press that the current market turmoil has not altered his support for changing the retirement program to allow individuals to invest some portion of their Social Security payroll taxes in stocks and bonds.
"His midnight conversion from aggressive deregulator to market critic is apparently incomplete," said Jared Bernstein, the senior economist at the liberal Economic Policy Institute.
"He still wants to privatize Social Security to subject retirees to the possibility of this kind of market turmoil," he added. "Imagine what this would have meant to those in the cohort unlucky enough to reach retirement age in a market climate like this one."
Democrats who used President Bush's push for private Social Security accounts to help bring down the Republican Congress in 2006 are hoping to use McCain's stance on the issue to paint him as an "ideologue" who is "impervious to facts." Friday's method of attack, which Bernstein participated in, was a conference call with reporters set up by the liberal group Americans United for Change.
McCain's Social Security stance has sometimes been hard to pin down.
For months, his campaign website has spoken of the senator's support for "supplementing" the existing Social Security system with personally managed accounts. The suggestion left by his website is that his accounts would not replace guaranteed payments and that they would not be financed by diverting a portion of Social Security payroll taxes.
"John McCain supports supplementing the current Social Security system with personal accounts," reads McCain's official website, "but not as a substitute for addressing benefit promises that cannot be kept."
Despite the website's call for "supplementing" the existing system, McCain told The Wall Street Journal in an interview published on March 3 that he supports private savings accounts "along the lines that President Bush proposed."
Told that his support for Bush-style private accounts was at odds with the way in which his website describes his position, McCain said he would change his campaign web site.
Talking to an NBC affiliate in Miami on May 20, McCain reiterated his support for private accounts, saying, "I still believe that private savings accounts, if young workers want to have them, is an option that they should be able to have. I don't see why we should prevent them from being able to take some of their taxes and put it into an account with their name on it. Certainly I would not force anybody to do it. And certainly it wouldn't apply to anyone over age 55. But people like to have accounts with their names on them."
Although the Journal reported that McCain promised to change his website, it still talks of "supplementing" the existing system, obscuring the fact that he favors a proposal similar to Bush which would reduce the minimum benefit guaranteed by the government.
While the Social Security straddle continues on McCain's website, Democrats are planning to couple the financial crisis with the occasions in which McCain has explicitly backed Bush-style accounts to raise doubts about the economic stewardship of the Republican presidential nominee.
"The fact that he is clearly keeping privatization on the table is, at best, a formula for gridlock, and, at worst, a formula for the dismantling of Social Security," said Roger Hickey, the co-director of the liberal Campaign for America's Future.
September 19, 2008 | Permalink | User Comments (96)
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Deregulate, privatize, and then blame it on greed. This clearly isn't working.
People wanted to decide what they could afford in a mortgage. The banks let them and here we are today. You need to have regulation and standards in place as a check and balance system.
Posted by: Lessons | Sep 19, 2008 9:27:00 PM
McCain and truth got derailed early this year, frankly I'm not sure if he's lying or maybe he can't remember his last statement on an issue and his daily flip-flopping has confused him on what side he's on at the moment. This guy as the most powerful man in the world, PLEEEEZE, the only person I could think of worse is Palin.
Posted by: JR | Sep 19, 2008 9:27:10 PM
I think it is rude to correct a person's grammar in general. But when the people making the mistake actually think they are so intelligent when they make the mistake it is fair game. Too many people act pompous and say "between you and I" because they think it makes them look intelligent. It is actually between you and me. Me is the object of the preposition between and it is correct to use the objective case of the pronoun, me, and not the nominative, which is I. By the way, I know Barack Obama is so brilliant, but on David Letterman he said, "They asked Michelle and I to take the test". It should be me not I because it is the direct object. You would not say for instance, "They asked he to take the test", you would say, "They asked him to take the test". All kinds of supposedly smart people make these kinds of mistakes, which I think are made out of arrogance misplaced. I know I make mistakes too but when I do it's not hopefully because I am trying to impress people with my high flying but wrong grammar.
Posted by: arrogant grammar | Sep 19, 2008 9:36:30 PM
God help all those relying on social security if McSame/McPalin get into the WH. Now all of us will be left with only pennies because he would have privatized social security and the banks/investment companies have or will go belly-up. A geezer with a millionairess wife, eight homes will never have to worry, but where would that leave the rest of us? McSame, through all his support of deregulation and support of lobbyists have caused the "inferno" we are now in. How could anyone trust him anymore after his 26+ years of helping run us into the ground!!
Posted by: Sareena Jones | Sep 19, 2008 9:36:36 PM
To: Anyone who has a parent or grandparent depending on social security
From: John McCain
Subject: Privatizing Social Security
I just wanted everyone to know, the John McCain campaign is 100% committed to the privatization of Social Security along the lines of the proposal of the Bush administration.
The John McCain administration wants to divert the contributions currently being made to the Social Security system, the ones that are paying for your Grandmother's retirement, to private accounts.
ANYONE WHO IS 80 YEARS OLD AND DEPENDENT ON SOCIAL SECURITY SHOULD CONSIDER GETTING A JOB.
GOOD LUCK!
Posted by: John McCain's conscience | Sep 19, 2008 9:46:08 PM
Also, in general I know how to use whom, you use it in the objective case like you would him, her, me, them, etc, but a lot of times I say who when it should be whom. I think this is completely different because whom just sounds arrogant sometimes.
Posted by: arrogant grammar | Sep 19, 2008 9:47:12 PM
I like McCain's idea to privatize social security. If we do that and the CEO's and other fat cats on Wall Street lose our retirment savings, then we can just bail them out like we are doing now with the mortgage crisis. Heads they win; tails we lose. That soounds like a good bet to me.
Posted by: Eric Brandon | Sep 19, 2008 9:47:34 PM
Today, McCain wanted to fire the head of the F.E,C., why would he want to fire the head of the Federal Elections Commission is a mystery.
John's making Sarah look like the sanest half of the Republican ticket.
And that is mighty scary.
Posted by: doug | Sep 19, 2008 9:51:39 PM
Is there anybody out there who is not a nerd writing about grammar or politics??? I liked it in the Olympics when the guy from the USA gymnastics team kept saying, "That's how we roll!" (third place baby). He really was likeable but that declaration just cracked me up.
Posted by: hello | Sep 19, 2008 9:52:44 PM
Seems like Obammie's trying to get the focus off of his dealings in Fannie Mae/Freddie Mac by bringing up SS. Hahahaha! Freak.
The reason we are where we are today in the financial world is because Democrats, for the most part (all parties are at fault) wanted their "entitlement system" extended to those riskier buyers. So, here we are.
Just like Social Security, it would have been fine had the entitlement-ers gotten their fingers in the candy dish and started handing out workers social security benefits to everyone in the form of SSI, etc. Can't do it.
Bush tried to deal with SS, but got blocked cause the dems freaked that their entitlement (and power) would diminish - it needs fixed, it, like everything else, is broke now. They're funding recipients based on IOU's. Something needs to give, but Obammie just wants to up the tax threshold. Thanks jerk. More money coming out of what could be spent in the economy to fund SSI.
I worked first hand with the welfare program in our state and could not understand why so many people are on SSI AND welfare when they seem to be healthy and able to function normally.
There are less risker investments such as muni bonds which a retirement account would be much safer in and those muni bond investments are often tax free. Least mine are.
You guys wait, IF Obammie gets in, like we are STILL in the war after 2006, Obammie will not have any real CHANGE; he indicated again, today, that he could reconsider his position (not flip flopping, of course, or even HAVING a position) - no, he just "refines and reconsiders".
Posted by: obamayomama | Sep 19, 2008 9:58:08 PM
It's hilarious that he's pointing his skinny fingers at the "mess" when he CLEARLY, helped create it with his entitlements and buddies/advisors Jim Johnson & Franklin Raines.
And no one on the left questions this. Freaks.
Posted by: obamayomama | Sep 19, 2008 10:00:37 PM
I think John McCain is wrong on SS too. I still am voting for him though- the democratic congress won't let him change it and there are other issues.
Posted by: hello | Sep 19, 2008 10:02:00 PM
hello, I like dogs.
Posted by: Kitty | Sep 19, 2008 10:02:34 PM
We need to return to a progressive tax code with estate taxes to be the premium on the insurance bailout when the upper 2% need a helping hand from the hoi polloi.
Posted by: Mr. Coffee | Sep 19, 2008 10:03:48 PM
McCain/Palin - Thanks, but no thanks on Nov. 4th
Posted by: Linda | Sep 19, 2008 10:04:12 PM
McCain is lost and floundering. He is not presidentail material - he has Senior Moments (SM) daily and doesn know if the reporter is talking about the president of Spain or some spanish speaking Central or South American country leader. He doesn't know the SEC fromthe FEC. He literally makes no sense on a daily basis. He lies openly and talks about Obama and lobbyists being the cause of the Wall Street meltdown when in fact all McCain's campaign advisors are Washington lobbyist. He is too stupdi to be president!
Posted by: eyeonyour | Sep 19, 2008 10:05:05 PM
this has rove written all over it. have you noticed that every time rove comes out in defense of Obama, something slimy follows? these poor souls are probably illiterate and under the influence of some crazy preacher being paid off by the republicans. they looked haitian to me, too. are they even registered voters? did the media even try to investigate them? sad, really, really sad.
Posted by: Angry American Voter | Sep 19, 2008 9:50:40 PM
---
Angry -
What you wrote really said it all about the kind of followers His Nothingness attracts.
What a pity that a good party is being brought down by such a phony with support by people like you!
Posted by: d0 | Sep 19, 2008 10:06:16 PM
Privatizing Social Security benefits Wall Street interests. Equity investments have become complex and the typical Social Security future recipients often lack the skills to invest wisely. The Social Security system has been a proven winner for decades so since it is not broken, the Congress simply needs to manage the program to keep it solvent beyond the 2042 funded date.
Posted by: Lou R | Sep 19, 2008 10:08:17 PM
Here's what they did to the mortgage industry:
http://www.rushlimbaugh.com/home/daily/site_091808/content/01125107.guest.html
If you have doubts about what is said there, google your questions.
SO, let's let them in charge of Medicare, Social Security, National Healthcare, College for Everybody and maybe even Caddy's for everyone - besides, why should only the rich drive new cadillacs?
Posted by: obamayomama | Sep 19, 2008 10:08:46 PM
Here’s what McCain has to say about health insurance reform:
"Opening up the health insurance market to more vigorous nationwide competition, as we have done over the last decade in banking, would provide more choices of innovative products less burdened by the worst excesses of state-based regulation."
So McCain, who now poses as the scourge of Wall Street was promising that if we marketize health care, it will perform as well as the financial industry
OMG
Posted by: Atomic Dogg | Sep 19, 2008 10:11:31 PM
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