Wednesday, September 17, 2008

McCain offers Social Insecurity if elected President

John McCain has made a series of contradictory statements this week as he tries to figure out his position on the economy. He's on record many times for saying he favors deregulation and doesn't understand the economy. Now he's scrambling to reinvent himself as the economic expert. While he continues to muddy the waters about his economic position, there is one position we shouldn't overlook. John McCain favors George Bush's plan to privatize social security. Privatization means turning over social security taxes to Wall Street investors. Had the Bush plan succeeded, think of how many retirees would be facing devastating financial loss now in the wake of our collapsing financial and insurance institutions.

Here's what McCain told the Wall Street Journal in March:
“Actually, I’m totally in favor of personal savings accounts and I think they are an important opportunity for young workers,” McCain told the Journal. “I campaigned in support of President Bush’s proposal and I campaigned with him, and I did town-hall meetings with him.”
McCain's web site contradicts his own statements by saying he favors personal savings accounts as a “supplement” to the existing Social Security System. When the Journal brought up the contradiction, McCain said he would correct “any policy paper that I’ve put out that personal savings accounts are not a very important factor."

So far, the web site still hasn't been changed. McCain's trying to pull a fast one on the public by downplaying his stance on Social Security in his policy platform. However, when asked directly, the loose-lipped, easy-to-agitate McCain just can't help blurting out his true thoughts. This is the one rare time we should take the man at his word: as President, we would privatize social security and leave millions at risk to gamble their retirement on Wall Street.


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