Obama Hits McCain On Social Security

NEWARK, N.J. — Democratic presidential nominee Barack Obama criticized Republican John McCain's approach to Social Security on Saturday, saying it would undermine the government program aimed mainly at retirees.

Obama said McCain's campaign has suggested trimming Social Security benefits and raising the eligibility age, according to prepared remarks of his speech to a gathering of the AARP. Obama was addressing the group via satellite.

McCain has not specifically embraced such plans. But by saying "everything is on the table" in discussing changes to Social Security, he has opened himself to such criticisms from Democrats.

Obama also said McCain wants to privatize a portion of Social Security. McCain has praised the notion of letting younger workers place a portion of their Social Security taxes into a package that is invested and follows them to retirement, but he has not made it a campaign promise.

All workers pay Social Security payroll taxes on the first $102,000 of their annual income. The money pays for benefits for current retirees and for other government programs. Analysts say the program will begin running short of funds in a few decades if it is not changed.

Obama cited his proposals to place a new Social Security payroll tax on incomes above $250,000 and to eliminate federal income taxes for older people making less than $50,000 a year. He also said he would "allow the government to negotiate with drug companies to lower costs for seniors, and we'll allow reimportation of drugs from other countries and ensure their safety."

The Wall Street Journal reported in March that McCain's top aides were "considering cost-of-living adjustment cuts and raising the retirement age as part of their Social Security plan." McCain has not endorsed or rejected those ideas.

McCain spokesman Tucker Bounds said the Republican nominee "has always promised to fiercely protect Social Security benefits."

Comments

[lisak2008]

What is McCain's position on Social Security?:

In an appearance on November 18, 2004, in New Hampshire on C-Span's Road to the White House, McCain was asked by an audience member would "privatizing Social Security be a priority for [him] going forward?" McCain responded that "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, 11/18/04 http://www.youtube.com/watch?v=uth20YjXPsU].

Sen. McCain also told the Wall Street Journal in March 2008 that he is "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[.]" [Wall Street Journal, 3/3/08 http://online.wsj.com/public/article_print/SB120451614688707083.html].

Oh, and I almost forgot, Sen. McCain voted FOR Pres. Bush's Social Security Privatization Plan. [SCR 83, Vote #68, 3/16/06; SCR 83, Vote #68, 3/16/06].

[wnewbill]

We already have the opportunity to invest in private personal retirement accounts, they're called IRAs or individual retirement accounts. What exactly about that don't Republicans like MCain understand? Social Security benefits should not be invested in the market.

Besides, have index funds over the last 10 years seen a big return? I darn sure haven't seen much of a return and we are seeing a regression to the long term historical mean of market returns which is around 5 or 6 percent. I wouldn't want any social security money put in the market. Make your private investments on your own.

[neurologymatters]

There should not be a cap on Social Security taxable income. Senator Obama is Change. Senator McCain is clueless.

[Sylvesterfish]

We can all thank Ronnie Reagan for the SS being broke, He's the one who borrowed from it when his trickle down BS bankrupted the country, Trickle down is the biggest bunch of crap I've ever heard of,, Everything Is built from the bottom up, not the top down,

[wpiv926]

Talk of privatizing SSI will NEVER go over with the American people, especially with the elderly. McCain had better drop that. Never will happen. Look what happened to the mortgage industry when it was "privatized."

[keepacoolhead]

As if right now your assessment is correct. However, I see plenty of pre-retirees who don't believe in Social Security , a "There's nothing going to be left for me" attitude and unfortunately as the elders die out, these people will not fight for Social Security and the GOP may able to do away with it.

[KQuarksSuperKollider]

Could you imagine what a disaster it would be if SS was privatized like Reagan wanted to do?

8 years of ZERO growth in the DJIA. Their would be billions less in the fund.

[opinion123]

When all of you end up living hand to mouth due to McPalin's destruction of the SS and Medicare, you'll only have your bigoted selves to blame. Has anyone mentioned that it's already happening under Bush. Retirement dates are being extended every year. Soon you'll have to work until you're 72 to be eligible for SS, if it still exists. Your contributions will be used to fund the wars McPalin will be engaged in. You'll appreciate someone doing community organizing then! There is no happy ending if these culprits are elected. Dumb and dumber for people numb and number.

[thecanadian]

Every Senior Citizen or just before that status should be very very worried about Privatizing their retirement. Under McCain/Bush - the money will simply be all GONE

[karela]

I listened and watched when McCain spoke about this. The only thing he talked about protecting were the people old enough to be getting social security now. That privatization thing is another way of saying that you'll have food and shelter when you're old if you're a smart investor and you won't if you aren't. Been there, done that. Before social security way more than half of all seniors lived in abject poverty, often went hungry and had to work anywhere they could even though their health was bad.

[wndrwrthg]

Wow, at 72, mccain IS ON social security.

[NeoLiberal]

That's EXACTLY correct. He receives a benefit check.

GOP plan--work longer, harder, you middle class Eloi, so the Morlock can eat you.

(get the reference...?)

[emcd]

awesome reference!

And remember how much the Eloi valued their education and historical lessons? (not at all!)

You can't be eaten if you stand up and fight for yourselves! Don't just sit back and take what the ugly Morlocks offer you.

[pie8ter]

I am a O supporter and a democrat.

You seem to suggest that McCain shouldn't receive his social security benefits. Why?

If McCain contributed money into social security, he is entitled to his share and I have no problem with that.

We don't know if Cindy and John have prenuptial agreement. If they do, I am sure John isn't getting a penny from Cindy if they divorce. Then it makes sense for the old man to keep his social security benefits.

[Yermammy]

You see no irony at all to this? REALLY.

[jellero]

yes, the mccains have a prenup. i thought that was common knowledge. cindy has megabucks and knows the guy. j

[KQuarksSuperKollider]

McCain said in his interview that he may ask for some of his cabinet members to work for almost zero pay. So what is up with McBush not giving his SS back to the system.

[Grannysue]

I've got just a few short years before retirement, I'm a widow and I HAVE PAID INTO IT FOR OVER FORTY FIVE YEARS! So, if the GOPERS want mine they will have to put up a very big fight for it. That is all I have, I considered a reverse mortgage, but the property values are going down, not up. Even though I have equity and some retirement, I will not be a burden to my kids. I've already told them, I'll take care of myself one way or another. The Republicans plan is to make me work until I drop, then I won't need SS. Funny McCains been collecting his for years, and how many homes does he own?

[Bitsko]

"[Silver State's] branches will reopen Monday as offices of Nevada State Bank in Nevada and National Bank of Arizona in Arizona."

Mighty relieved to hear Little McCain left the board. All my mother's money is in National Bank of Arizona, that is her social security savings, which she needs to keep at a very low minimum to retain her invaluable Medicare. The Gingrich republicans in Congress took away her (and every other) veteran's widow's benefits check years ago.

These folks like Li'l McCain are nothing but parasites.

[jinxed]

Parasite is nicer name than I'm willing to give them. What I would like to see is for all the rich who collect a social security be forced to live on the SS check ONLY for a mandatory 2 years. Only then can they really appreciate how the majority of REAL people live and what a struggle it is.

[julescator]

Don't be fooled by the GOP. Whe they claim they will lower taxes they don't tell you they raise them elsewhere,

[alphalib]

Why did Bush wait til last month to lift the Offshore drilling ban?
I'm convinced that the latest GOP " Change is coming" strategy is nothing but
a tongue-in-cheek slogan. They're all in on the joke. Wink-wink nod-nod indeed.The reality is that they won't be running on issues.
This is a personality contest, and the underlying theme is "vote for one of us".
This election is about preserving certain "traditions" ( Republicans hold on to some very dubious Southern traditions), this election is about preserving "western Civilization"( ie: preserving certain imaginary hierarchies), this election is about hegemony vs. diversity.
I think it's easy and funny to say that Republi-cons are stupid.
But the truth is they know the latest McTransformation is empty rhetoric designed for the public at large, a way to put a good face on a nasty strategy.
The South shall rise again!
Let's make sure it doesn't.....

[oddsnends]

In this state under a repug gov we pay higher fees from drivers licenses to well you name it. A tax by any other name is still a tax. Your right.

[anastasiabeaverhousen]

One of the main problems is someone in the re agan administration figured out that they could "borrow" READ: st eal, from the SS fund and not show it as a debt on the balance sheet.

Stop steal ing money from the fund and I'll wager the health and longevity of the fund will increase exponentially.

[mistlesuede]

Of course McSame hasn't endorsed or rejected any ideas. He hasn't gotten himself elected yet. Just wait. Mr. Keating Five is all happy about rewarding his contributors with privatizing Social Security. He just can't take a position until AFTER he gets elected.

[Belleweathered]

1) I believe that the article could be mistaken about the payroll tax on the first $102K, I read it was the first $97,500. Need to re-check that fact.

2) John McCain's SS plan (non specific, non plan) is buried on his website. There is no direct refernce to it- you have to look under, I think, Issues then Economy, then scroll down to Entitlements where you find this enlightening blurb:
"Reform Social Security: John McCain will fight to save the future of Social Security, and he believes that we may meet our obligations to the retirees of today and the future without raising taxes. John McCain supports supplementing the current Social Security system with personal accounts - but not as a substitute for addressing benefit promises that cannot be kept. John McCain will reach across the aisle to address these challenges, but if the Democrats do not act, he will. No problem is in more need of honesty than the looming financial challenges of entitlement programs. Americans have the right to know the truth and John McCain will not leave office without fixing the problems that threatens our future prosperity and power. "

sounds like a whole lotta nothing.

3) Obama's site has an entire page dedicated to Social Security- which you don't have to dig for and it's also addressed in his "Blue Print for Change".
More details, more attention to other issues confronting seniors, more serious.

[OlderBudWeiser]

Privatization: Younger workers will be forced to save some of their SS $$ into an account for INVESTMENT. How's your 401K doing? How'd that work for Enron employees? Have you got any shares of stock with Home Depot? what's the value of the dollar? McCain wants to "decrease" the cost of living adjustment? Social Security is a safety net for you after the Repubs rob you blind all your working years. McCain wants to decrease your benefit and raise your retirement age. How does that help? Gives Repub's more of YOUR money to gamble. NO WAY.

Obama/ Biden 08

[julescator]

Can you imagine what would have happened to people if they had their SS money in the market over the past year. They would have NADA (to coin Rudy)

[CindyM2008]

Thank you O bama (and Biden), for continuing to discuss issues.