On Privatizing Social Security

Just because John McCain looks like, and in fact is, an old person, an extremely old person, doesn’t mean that he’s in touch with Grandma’s Issues.  John McCain is an extremely wealthy, extremely old person.  A lot of retirees aren’t that rich, though most are quite old.

Senator McCain travels around the country claiming to care about Grandma, while simultaneously making plans with his posse of Wall Street buddies to privatize Social Security, putting Grandma’s Golden Years in the hands of his friends and colleagues, people like Phil ‘Nation of Whiners’ Gramm, still Senator McCain’s most influential economic advisor.

What does John McCain really think about Grandma’s safety net?  He doesn’t think she should have one.  Here’s a compilation of McCain’s Social Security stances.

McCAIN WANTS TO PRIVATIZE SOCIAL SECURITY

McCain Voted for Bush’s 2006 Social Security Privatization Plan. In 2006, McCain voted for the Social Security Reserve Fund. The proposal would shift Social Security’s annual surpluses into a reserve account that would be converted into risky private accounts. [SCR 83, Vote #68, 3/16/06; SCR 83, Vote #68, 3/16/06]

In 2000 McCain Wanted to Divert Social Security Money to Private Accounts. The Wall Street Journal reported that “[a] centerpiece of a McCain presidential bid in 2000 was a plan to divert a portion of Social Security payroll taxes to fund private accounts, much as President Bush proposed unsuccessfully.” The plan would put workers’ retirement money into the risky market and reduce the amount of Social Security payments they would receive from the government. The plan would undermine the Social Security system. [Wall Street Journal, 3/3/08]

McCain STILL Proposes Privatizing Social Security—Despite What His Website Says. McCain told the Wall Street Journal he still backs a system of private retirement accounts that he supported in 2000 and President Bush pushed unsuccessfully. The Journal reported he “disowned” details of a proposal on his 2008 campaign website that says he would “supplement” the existing Social Security system with personally managed accounts. But when asked about the position change he denied it and promised to change the website to reflect his true position. “I’m 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,” McCain told the Journal.[Wall Street Journal, 3/3/08; Campaign Website, accessed 3/3/08]

McCain Might Raise the Retirement Age and Reduce Cost-of-Living Adjustments. “[T]he McCain campaign says the candidate intends to keep Social Security solvent by reducing the growth in benefits over the coming decades to match projected growth in payroll tax revenues. Among the options are extending the retirement age to 68 and reducing cost-of-living adjustments, but the campaign hasn’t made any final decisions. ‘You can’t keep promises made to retirees,’ said Mr. Holtz-Eakin, McCain’s chief economic aide.” [Wall Street Journal, 3/3/08]

McCain Supported Deep Cuts That Put Social Security Benefits at Risk. In 2005, McCain supported a Social Security plan that would require deep benefit cuts or a massive increase in debt. That same year, McCain voted against prioritizing Social Security solvency over tax cuts for the wealthy. [SCR 18, Vote #49, 3/15/05; S. Amdt. 144 to SCR 18, Vote #47, 3/15/05]

McCain Voted to Use Social Security Money to Pay Off National Debt. In 2003, McCain voted to use Social Security funds to pay off federal debt. [HJR 51, Vote #201, 5/23/03]

McCain Voted Against Protecting Social Security Solvency with a Strategic Reserve. In 2001, McCain opposed reducing tax cuts for the wealthy to create a strategic reserve for Social Security. In the same year, McCain voted against a proposal to create “lockboxes” to protect Social Security and Medicare. [H.R. 1836, Senate RPC, Vote #145, 5/22/01; S. Amdt. 29, Vote #22, 3/13/01]

McCain Voted to Replace Social Security with Risk-Based Investments. In 1998, McCain voted twice to replace Social Security’s guaranteed benefits with income from risk-based private investments. [SCR 86, Vote #56, 4/1/98; SCR 86, Vote #77, 4/1/98]

Here’s the problem with the whole goofy-ass privatization scheme these greedy, spiteful Republicans keep spewing out:  It’s an extremely risky, unproven and untested scheme to get Grandma’s meager retirement into the hands of Phil Gramm and the gang of megamillionaires whom Gramm and McCain represent.

But, those people don’t care about Grandma.  They don’t relate to Grandma.  In fact, they don’t care if Grandma eats cat food or caviar.  They have Fuck You Money.  That allows them to do whatever they want, pursue any bird-brained scheme, and suffer no consequences, zero, nothing.  Meanwhile, Grandma’s fucked, because she wasn’t born into a life of fabulous wealth and privilege.  She is a real person, with real needs, and real good kids.

The table below shows what Grandma’s retirement fund would have looked like over the last 8 years.  Let’s say she started with $50,000.  I know, according to John McCain, $5,000,000 income is where ‘rich’ begins.  But, to most people, $50,000 is a lot of money.

Grandma probably isn’t a gambler, and she’s not going to like receiving statements that show losses of 52%, gains back to just slightly above where she was, and then another staggering loss.  She better get used to it though, don’t you think, Newt?

Grandma’s going through her Golden Years with no security, and no idea whether she’ll have money to live on or not.  That’s John McCain’s idea of helping the elderly, keep them scared and broke.

The following graph was created by making a composite index of the Dow, S&P, and Nasdaq daily closing numbers over the last 8 years.  It shows the kind of erratic, nerve-wracking ups and downs that Senator McCain wants Grandma to suffer through in her rocking chair.

Senator McCain doesn’t understand.  He’s never been anything but wealthy and privileged.  He has Fuck You Money, and he always has.

Here’s the graph:

Interesting, isn’t it, the ups and downs?

Don’t fall for it Grandmas. Don’t let the Republicans scare you with stories about how the other guy is black or has a funny name.

Senator McCain and Governor Palin are white, but they have black hearts and funny ideas about how to redistribute your doily and hard candy money to their Wall Street friends.

Tags: Biden, cat food, caviar, Dow, Gingrich, grandma, McCain, Nasdaq, Newt, Obama, Palin, republican, S&P, social security