McCain Doubles Down On His Social Security Privatization Bamboozlement
McCain Doubles Down On His Social Security Privatization Bamboozlement
Yesterday, despite his clear record on the issue, Sen. John McCain (R-AZ) told a crowd in Nashua, NH that he has “never” been for the privatization of Social Security.
At another town hall in Pemberton, NJ today, McCain tried to push back against criticism of his position on the issue by telling the crowd, “I will not privatize Social Security and it’s not true when I’m accused of that.” He then described the kind of private accounts he supports:
MCCAIN: I would like for younger workers, younger workers only, to have an opportunity to take a few of their tax dollars, a few of theirs, and maybe put it into an account with their name on it. That’s their money. That’s their money. So. So when I say that. So when I say that, please don’t let them twist that as they have others. It’s their money, it’s their money. And we will make sure that present day retirees, I will commit, have the benefits that they have earned. And nothing, any proposal would change that.
Watch it:
The problem for McCain is that his current stance means he was either lying in March when he told the Wall Street Journal’s Bob Davis that he supported private accounts “along the lines that President Bush proposed” or he doesn’t understand the nature of the private accounts he campaigned for in 2005.
In ‘05, Bush proposed an overhaul of Social Security that would have allowed workers to “divert a portion of Social Security payroll taxes to fund private accounts,” which would have then resulted in “reduced Social Security payments from the government.” In other words, he would be “carving up of Social Security to create privatization accounts.”
But only 33 percent of Americans supported such a plan, hence McCain’s reluctance to be associated with it now.
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Someone! Anyone! Tell this old codger that THAT is THE DEFINITION of privatization?
Geebutz.
June 13th, 2008 at 4:33 pmCinnnnnnnnndyyyyyyyyyyy!
Get him another beer, asap, you trollopyc*nt!
June 13th, 2008 at 4:34 pmSomebody needs to tell him that first of all younger people have to be able to make enough money to live in the present and save for the future and second there are already plans like savings accounts, pensions, IRA’s, etc.
That is what the ninny is saying isn’t it?
June 13th, 2008 at 4:38 pmAnd remember: McSame will veto every beer which crosses his desk. I like beer, so I am not voting for McSame.
June 13th, 2008 at 4:39 pmthe rethuglic party has sown the wind, it will now reap the whirlwind.
June 13th, 2008 at 4:39 pmIt’s becoming increasingly obvious that McCain doesn’t know what he thinks or what he believes or even what he said. He is pretty convinced about the great successes in Iraq and that we need to be there forever but no one will care as long as no Americans die. Other than that stubborn conviction he doesn’t appear to have any real opinions beyond whatever people want to hear in the moment.
I’ve heard about people who always believe whatever they heard from the last person to speak to them; McCain seems to suffer from a dark mirror of that and only believes what his immediate audience wants to hear. Tomorrow or five minutes from now, there will be a new audience with new opinions and he’ll be ready to give them what they want.
June 13th, 2008 at 4:41 pmEach and every day, this idiot does something more to earn my term of endearment for him . . . McNumbNuts. Apparently, his nuts aren’t the only thing that’s numb. That vacant cavern between his ears is a dead zone, too.
June 13th, 2008 at 4:50 pmThere must be some SERIOUS hair pulling going on in the Repug HQ. Johnny Boy’s handlers are incapable of controling him. Kinda like they want to put his Depends on his mouth as well as his arse.
June 13th, 2008 at 4:50 pmShould I tell McIIIrd that I actually have such an account?
It’s called a savings account! You can get one at most banks and credit unions! Problem Solved!
June 13th, 2008 at 4:53 pmSomeone needs to tell McSame that nobody is stopping young people from putting money into private accounts.
The problem comes when you divert funds needed to pay current benefits owed to retirees whose contributions funded the previous generation of SS recipients.
June 13th, 2008 at 4:53 pmIt’s become evident that McCain will say anything anybody wants to hear, and take whatever position is most politically expedient. I really don’t mind if he switches positions in response to changing conditions in the world, but he could at least own up to his position in the past and explain why he changed.
This approach to “leadership” is diametrically opposite what we have had for the past two terms — a president who forges ahead with whatever stupid plan he has, regardless of what the people think.
Enough with the two extremes. Can we have a happy medium in here somewhere? Like a president who actually leads, but is in tune with the will, the thoughts, and the needs of the people?
June 13th, 2008 at 5:00 pmAdviser: “John, you need to realize that people will discover your waffling, pandering, thru the internet.”
McCain: “You mean that people watch, look at, other things than, than, the uh TV version of what I say?”
Adviser: “Yes, and they can google back thru time.”
McCain: “Time, they got an inter-tube time machine that they can get all Googley-eyed at and see what I, what I, Me, said years ago, my friend?”
June 13th, 2008 at 5:05 pmAfter all these “mistakes”, one might begin to wonder if the elevator goes to the top floor any longer.
June 13th, 2008 at 5:05 pmBy 2017, Social Security is expected to start paying out more than it collects in payroll taxes. It faces a funding gap over the next 75 years of about 1.8% of taxable payroll. That gap could be addressed by raising taxes or cutting benefits by a like amount, CBO says. -RrOoGgEeRr
The government has been doing this for a long time Roger, its called deficits. Reagan said they dont matter, as many GOPers did. Why are you now worried about deficits?
June 13th, 2008 at 5:07 pm.
McDiengenious… Anyone?
Mc”D” happens to think that people believe what he happens to say, whenever he happens to say it, however he says it, no matter where he says it, and no matter the circumstances he says it under…
Mc”D” thinks he’s right… either way… on either side of the issue.
He’s a McFish with super sized McFries… and a diet coke because THAT’S healthy eating…
.
June 13th, 2008 at 5:10 pmrogerse Says:
That gap could be addressed by raising taxes or cutting benefits by a like amount,
My solution….Raise the Cap. Average working people pay social security on Every Penny they earn. Millionaires should too.
And social security is an INSURANCE plan, as well as a rwetirement plan. McCain just Ignores that part of it.
June 13th, 2008 at 5:11 pmGrampy McSame says - My friends back in the day we would save our valuable things under our bear skins in our caves, and that was private, no one would dare touch your stuff because we would club them, that’s what we’d do, but now a days I think young people of say 60 should be able to have a private saving also, my lobbyist friends from Wall Street say the stock market is a great place to put all their money, they would never lose any of it, ever, you know it will be safe in the hands of those broker guys, they are real honest, and they will keep what they steal…er ah, do private with your savings, I just use the $55,000 a year I get to live on, I never need any of Cindy’s money….I think I spilled bean soup in my pants.
Private savings accounts, right, so the Wall Street Swindlers can have a field day, yeah I’ll do that alright.
June 13th, 2008 at 5:13 pm.
Johnny McFish says:
Uhhhh… O.K.
June 13th, 2008 at 5:16 pmIt is so sad to read his ramblings. Someone needs to step in quickly and save him from the rigors of actual presidential campaigning. I am sure the repugs are examining this closely and will run a strong vp candidate to make up for his short comings.
June 13th, 2008 at 5:18 pmWonder if the Repugs have figured out that November will not be one of their best moments in history?
June 13th, 2008 at 5:19 pmTaking money out of SS is simply that: Taking money out and moving it to other accounts. If you believe the SS fund needs additional resources to achieve and maintain solvency, the last thing you would suggest is to remove funds from the SS accounts. Those removed funds have to be replaced somehow or the deficits will grow as the funds earn less interest (lower balances earn less interest).
Lets make small adjustments to the SS system like increasing the taxes on the well to do or limiting the wealthy from milking the system for their entire lives. When Ronald Reagan died, he was collecting a SS benefit. He was a multi-millionaire. Why on earth would they need an additional $1200-$1600 per month to live on? Wouldn’t that money be better used by staying in the fund and going to those who need it? There needs to be an income ceiling which reduced SS benefits & the wealthy should pay more into the system.
June 13th, 2008 at 5:24 pmI wouldn’t be surprised to learn that the Republican elite has written off the presidential election entirely and will focus on stopping the leaks in Congress (good luck with that). It’s not that they won’t sink money into McCain, or more likely, sink money into attacks on Obama, but I think they’re smart enough to realize he’s hopeless. I’d bet they had their hopes set on Mittens (rich and cute), while at the same time realizing that Bush has so thoroughly stained the White House that a Republican doesn’t stand a chance this fall.
June 13th, 2008 at 5:24 pmFrom yesterday’s Q&A
DISINGENUOUS…
June 13th, 2008 at 5:25 pmEither America is a Judeo-Christian State, or America is a Republic of multi-faiths… How can it be both…?
Oops…
June 13th, 2008 at 5:27 pmShould be McDisingenuous…?
upside99 Says:
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Wonder if the Repugs have figured out that November will not be one of their best moments in history?
I expect the Republicans to get trounced this November. I also expect that they will not simply just go away and die somewhere.
June 13th, 2008 at 5:29 pmI expect that they will launch a full scale attack on Obama…blaming him for all problems the country experiences. They want him to be another Jimmy Carter….so they can come roaring back in 2012.
I want him to be another FDR…leading this country out of its Big Problems with Big solutions. Long term thinking presented with eloquence….that’s what Obama needs to do.
McCain can spin it anyway he wants it still comes the same. To hardline conservatives he wants to be seen as a Bush clone. To the Reagan Democrats he wants to be seen as a straight shooting maverick. In the end he’ll be seen as neither.
http://progressiveworldreview.com
June 13th, 2008 at 5:32 pmHe’s in serious trouble, when he can’t even pander cogently.
Sure, he wants to keep payments the same to the current elderly, but those who’ve only been paying in for thiry years can take it in the shorts, ’cause Grampy’ll be dead by then, and it won’t be his problem.
What is worrisome, is how often he spouts stuff that sounds just as like came from the mouth of a lobbyist. He’s just like Bush, in that he’s clearly uninformed on the topics of the day, and just goes along with whatever his advisors suggest as the right course. I see Iraq II on the horizon, with that degree of willful ignorance.
June 13th, 2008 at 5:32 pm.
McCain voted FOR the MCA of 2006
McCain voted to revoke Habeas Corpus Rights from “THE PEOPLE”
McCain commits TREASON!
How can I trust him to be any different…?
.
June 13th, 2008 at 5:40 pmBush Jr. said a bunch of stupid things in his 2000 campaign and the media proclaimed him “authentic” but a) he didn’t have much of a public record and b) the “blogosphere” then was just a wacky ‘lifestyle’ fad and the MSM still controlled information for the public majority.
Now, however, the MSM acknowledges the relevance of blogging in general (mostly by attacking liberal bloggers, but at least they are paying attention to the threat to their monopoly) and polls have shown a significant increase in the internet and blogging as a primary news.information source.
McCain is demonstrably a liar, a mental midget, a self serving egoist and/or senile. With 5 months to go MCain has demonstrated many times more the mendacity, stupidity and lunacy than Bush ever did in 2000–and this is the GOP’s candidate and the MSM’s conservative BFF? Amazing! Whoever votes for him in November should be regarded with suspicion of being not compis mentis–by a sizeable proportion of tradionally republican voters who can and do function in normal society regardless of their political proclivities.
June 13th, 2008 at 5:40 pmI challenge anyone to tell me what is preventing anyone from
June 13th, 2008 at 5:48 pmtaking their money and “maybe putting into an account with their name on it” today. There is nothing I know of preventing people from doing that anytime they want to right now. Most of these accounts qualify for deferred tax benefits, as well.
This is the biggest canard launched by the same people who have been trying to destroy Social Security since it was first discussed over seventy years ago. Imagine what it would be like today if Social Security did not exist. Why, it might look like the 1920’s. What a shocker. There’s a reason that SS was created—it gives retirees a modicum of dignity in their last days and prevents some of them from starving to death. If you’re lucky, you can barely scrape by on it. Of course the Greedy Old Perverts want to take even that away.
The bigger problem facing this country is that Shrub and his junta have so destroyed the American economy and way of life that precious few people have any money at all left at the end of the month to put in a meager savings account. That’s the way Shrub and his thieves like it, and they’ll take even that away given half a chance. To the GOP the Depression was “the good ol” days”.
Okay, so I don’t understand the problem here. He is against privatization, but wants younger workers to put tax money into the stock market. Isn’t that privatization???
Has John seen the stock market lately. I would put my money in a mattress before I would do that. Besides, putting your money in the stock market and trying to keep up with the whims of the market is a full time job. Most people already have a full time job, and most people don’t understand anything about the stock market anyway. Even the people who work around it don’t seem to understand it. It is no more safe that taking your money and going to the horse races. It’s just gambling.
June 13th, 2008 at 5:52 pmRUCerious Says:
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Should I tell McIIIrd that I actually have such an account?
It’s called a savings account! You can get one at most banks and credit unions! Problem Solved!
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Sorry, RU, I stepped on your post. Didn’t have time to read all of the above. My apologies for your prescient thoughts:-)
June 13th, 2008 at 5:55 pmIf he wants to set up private accounts with our names on them then why in the hell are we paying into the system in the first place? Let me keep my money and I will set up my own damn account. At least that way I know I’m getting my money and someone else isn’t charging my account any fees.
June 13th, 2008 at 5:57 pmwoody, raptors of a feather, eh?
June 13th, 2008 at 6:00 pmWhy does he, why does he have to say, have to say everything twice?
June 13th, 2008 at 6:01 pmUnlike bush, who never lost a night of sleep over lying with that sick smirk on his face, McCain must be smashing his head against the wall every night wondering why we won’t just GIVE him the white house like they did little georgie.
It worked for him…. WTF…..respect mah authoritay!!!!
“DON”T YOU KNOW YOUR ALL GONNA DIE IF I’M NOT ELECTED?”
I anxiously await the first debate where, I’m certain, his head will explode from frustration at not being able to punt on his policies.
Obama will, no doubt, out class him with every single response.
June 13th, 2008 at 6:01 pmJeannie See Says:
If he wants to set up private accounts with our names on them then why in the hell are we paying into the system in the first place? Let me keep my money and I will set up my own damn account. At least that way I know I’m getting my money and someone else isn’t charging my account any fees.
But that wouldn’t allow the Finance Industry to rape and pillage. And after all, why would they buy the Repug Party if they didn’t get their “fair” share?
June 13th, 2008 at 6:20 pmThat’s exactly why it is so very important to keep their grubby little hands off of SS upside99.
June 13th, 2008 at 6:23 pmThere he is folks, up on the high diving board, where he’ll attempt a triple-roll double-flip-flop dive into the Sea of Privatization… Bombs away…
June 13th, 2008 at 6:30 pmIt never ceases to amaze me when so many people fail to grasp the concept of what SS was established to do. In 1935 the average life expectancy of men in the US was pretty close to 60-62, depending on where you look. That means that half of the population was never intended to draw benefits. Those that did draw benefits did not live nearly as long as people are today. SS was designed as a safety net, not a pension program.
Second, there are a couple of comments here that I find pretty interesting and I would like to understand the POV better.
1. “We should take the cap off of FICA so that millionaires can pay their fair share”. Currently, FICA stops after around $104K, so you are talking about impacting a lot more than millionaires.
2. “Lets make small adjustments to the SS system like increasing the taxes on the well to do or limiting the wealthy from milking the system for their entire lives. When Ronald Reagan died, he was collecting a SS benefit. He was a multi-millionaire. Why on earth would they need an additional $1200-$1600 per month to live on? Wouldn’t that money be better used by staying in the fund and going to those who need it? There needs to be an income ceiling which reduced SS benefits & the wealthy should pay more into the system” So let me get this straight, people who make more should pay more, but get less benefit? Why do you want to penalize those who have worked hard to achieve something? $100K/year does not make you wealthy, especially if you live in CA.
The US is based on capitalism. Capitalism works. Is it perfect? No way. I realize that Capitalism is an easy target for many people. Some people win and some lose. Losing sucks. Losing your house sucks. There is no denying it. But wouldn’t you like the opportunity to earn it back? I don’t like to lose either, but I will accept if if it means that I have a chance to win.
June 13th, 2008 at 6:55 pmUh, its not the finance industry that wants to rape and pillage. It is our own politicians. The SEC has a way of dealing with people that take your money and spend it on a bridge to nowhere, or a museum to honor themselves. Wall St may get very rich, and there will always be cheaters, but long term, there is simply no better way to grow your money, and beat inflation.
June 13th, 2008 at 7:00 pmWouldn’t these be more accurately labeled “personal” accounts rather than “private” accounts? Because, you are still forced by the government through the threat of violence to pay into them. If they were private, you’d have a choice.
June 13th, 2008 at 7:27 pmIn response to right-left-center
June 13th, 2008 at 7:35 pmNot everyone who has worked all their life draws a pension in addition to SS.
My 77 year old dad labored all his life (retired at 75) and now depends on the money he paid into the system, combined with some meager savings, to feed himself and my mother and exist within a very frugal budget.
He is a Korean war vet and was able to buy a house due to the G.I. bill. We, his children, have all paid for our own educations, cars, and health issues.
He is a proud man who believed in providing us with a better life.
I think he succeeded admirably.
Just because he beat the odds (by not dying) doesn’t mean he doesn’t deserve to get HIS money back.
This is why republicans suck. They make promises they never intend to keep.
You were looking for a POV. This is mine. A lot of people are in more dire situations than their pride will let them admit. They shouldn’t have to fear that the one fund they paid into their entire life was at risk of not being honored.
If your grandpa had put that money into an IRA instead of SS, he’d be getting back way more than he put in from interest. SS will pay him far less than he put in.
June 13th, 2008 at 7:37 pmAlejandro,
June 13th, 2008 at 7:51 pmYeah well, I guess if he had a college education, and a choice, perhaps he would have. But you did as you were told when you were a recently arrived immigrant. last I heard, SS is still deducted from your paycheck.
And it’s my dad, not my grandfather.
Right_Left_Center Says:
1. “We should take the cap off of FICA so that millionaires can pay their fair share”. Currently, FICA stops after around $104K, so you are talking about impacting a lot more than millionaires.
Fair Enough, but this Impact IS CURRENTLY effecting the great majority of Americans for their total Income.
Why should someone earning 104K pay the full freight, while someone making 208K get out of paying FICA on half their income?
Maybe if everyone paid on all their income, the RATE could be reduced for everyone and the Social Security System wouldn’t be facing insolvency in the future.
June 13th, 2008 at 8:23 pmDear John McCain,
Concerning younger American citizens, the Social Security superfund, a masterwork of the FDR years, is already an “account with their name on it” as well as the names of millions of other U.S. citizens, in which millions of U.S. citizens have put money into it over their lifetimes so that they and others can enjoy some level of comfort in their senior years and in cases of medical emergencies.
So, Dear John McCain, why are you and so many other Republicans out to destroy Social Security by diverting funds out of Social Security and into your highly speculative privatization scheme?
June 13th, 2008 at 10:26 pmOf course, McCain isn’t mentioning that the investment brokers will make all sorts of money off managing these privatized funds.
Now stupid math question: If you have 5 apples johnny takes 4, how many did you loose ?
June 14th, 2008 at 12:44 am>Capitalism works.
Great, which country is it again that practices pure capitalism? Because I’m pretty sure that arranging to bail out companies like Bear Sterns and giving huge corporations welfare checks isnt the hallmark of a true free market.
June 14th, 2008 at 6:35 amPure anything only works in text books. Economics is not a science, and is really only around to make Astrology look respectable.
June 14th, 2008 at 3:23 pmIf the benefit tops out regardless of the amount paid in, why is it not fair to cap the tax?
gallery,
June 14th, 2008 at 3:51 pmYour father is a perfect example of the kind of person that SS was designed to help. There are many people working out there that make this country great that do not have pensions, 401K’s or would even have the exposure to financial planning. On the flip side there are a number of people in this country that are unwilling to save enough for retirement. I have been blessed with a great family and career that affords me the opportunity to save for my retirement. I also drive a six year old car with over 100K miles on it. I pay my taxes and my FICA with the understanding that I will not count on it for my retirement. I am a veteran, I put myself through college and grad school. So what is my “fair share”. The more money I earn, the more taxes I pay (at a higher marginal rate), but I my benefits from the government are level. So it is not really a fair share that is wanted, but more because I can pay more.
I don’t mind, because I know that men and women who went before me created the path for me to be successful, and I want to do the same for others.
What guiles me is to be vilified for working hard, doing a good job and getting paid well for it. Democrats or Republicans, Ann Coulter, Rush Limbaugh, Michael Moore want us to hate each other because it makes them rich. I know plenty of good people of both parties, who love this country. period. The media reports what they will get you to watch. Yes, a disjointed rant, but I hope you get what I am trying to say.