In Florida recently, Obama himself claimed McCain’s privatization plans would extend to people who rely on Social Security income to live. But the record shows that’s provably false.
On his Web site, McCain says he “supports supplementing the current Social Security system with personal accounts â€” but not as a substitute for addressing benefit promises that cannot be kept.” The Web site does not specify how those accounts would operate. But McCain supported President Bush’s plan in 2005 to allow some workers to place a limited amount of their payroll taxes into private accounts, which would have been invested in stock or bond funds.
That proposal â€” which never came to a vote â€” limited participation to people born in 1950 or later. None of today’s recipients of Social Security retirement benefits is old enough to have participated. So, under the specific plan that McCain weighed in on, it is wrong to say that “the millions of Floridians who rely on” those benefits would have them tied to the stock market. Some younger people who chose to participate would have their future benefits affected.
There’s no doubt that privatization is a very hot button issue, but Obama didn’t have to grossly misrepresent McCain’s position in order to hit home the potential dangers of it.
Shame on him for using scare tactics to drum up votes from Florida seniors.