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 /PRNewswire-USNewswire/ -- The following was released
today by the Democratic National Committee:

(Logo: http://www.newscom.com/cgi-bin/prnh/20080519/DNCLOGO )

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,
www.democrats.org.
This communication is not authorized by any candidate or candidate's
committee.

SOURCE Democratic National Committee

Damien LaVera or Rebecca Buckwalter-Poza of DNC, +1-202-863-8148