Printable Version
Senator McCain Evades the Truth About His Social Security Plan
Wednesday, May 14, 2008
For Immediate Release
Senator McCain Evades the Truth About His Social Security Plan
The following statement was issued today by Edward F. Coyle, Executive Director of the Alliance for Retired Americans
“Senator John McCain did the American people a great disservice this morning with his confusing, muddled comments about Social Security privatization.
“Appearing today on Live with Regis and Kelly, Senator McCain tried to hide the truth: he wants to throw our hard-earned Social Security benefits onto the roulette wheel of the stock market. For the bankers on Wall Street, this would mean big reward as they skim service fees and profits off these private accounts. For seniors already struggling with rising gas and grocery prices, it would mean even more risk and uncertainty in these difficult times.
“Not only did Senator McCain support privatized Social Security in a March 3 interview with the Wall Street Journal, but in 2006 he voted to shift Social Security’s annual surpluses into a reserve account that would be converted into private accounts. [S. Con. Res., Vote #68, 3/16/06]. Earlier in his Senate career, McCain voted twice to replace Social Security’s guaranteed benefits with income from risk-based private investments. [S. Con. Res., Vote #56, 4/1/98; S. Con. Res., Vote #77, 4/1/98]
“Moreover, the same March 3 Wall Street Journal article said that McCain is considering raising the Social Security retirement age to 68 and reducing the cost-of-living adjustment (COLA).
“Current –and future – retirees demand the truth about the prospects for their retirement security. We call upon all in public office to speak clearly about their intentions for Social Security.”
Contact: Marcie Kohenak (202) 637-5178 or mkohenak@retiredamericans.org