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. [1]
McCain Voted Against Protecting Social Security Over Several Years. In 2003 Senator McCain voted to use Social Security to pay off federal debt. In 2001, McCain opposed a move that would reduce upper-bracket tax cuts and create a strategic reserve for Social Security. In the same year, McCain voted against a proposal that would have created lockboxes to protect Social Security and Medicare. [2]
McCain Accused the Media and Democrats for Failing to Pass Social Security Reform. Asked about Social Security reform, Senator McCain answered “I favor strongly retirement savings accounts, personal savings accounts, whatever you want to call them,” and blamed Democrats and the media for ultimately failing to pass any entitlement reform legislation. McCain carped, “All of the media coverage seemed to center around retirement savings accounts, which again, I'm unalterably in favor of, totally in favor of, but somehow the media [made it]: ‘Bush hypes retirement saving accounts.’” In the same interview, McCain also threw blame elsewhere, saying, “I would have made it very clear to the American people that the Democrats would not sit down and negotiate.” [3]
McCain Opposes Raising the Cap on Taxable Income for Social Security. Senator McCain “does not now favor upper income increases in the Social Security tax,” and has not “joined his confidant, Senator Lindsay Graham, in wanting to raise the cap on taxable income -- taxing the rich -- as part of general Social Security reform: ‘I have not taken any position that would either increase taxes or raise the cap.’” [4]
Recent Social Security stories
Commemorating 73rd Birthday of Social Security, Americans Across the Country Unite to 'Just Say No' to Bush-McCain Plan for Privatization
As our nation commemorates the 73rd birthday of Social Security tomorrow, Americans across the country will gather in the culmination of week-long activities sounding the alarm on the economic impact of the McCain-Bush plan to privatize Social Security.
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MCCAIN WATCH: SAME-AS-BUSH PLAN TO PRIVATIZE SOCIAL SECURITY
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.
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#82: Privatizing Social Security
82. Bush and McCain Support the Same Risky Proposal to Privatize Social Security.
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DNC Releases New Web Ad Highlighting the Threat John McCain Poses to Social Security
On the 73rd Anniversary of President Franklin D. Roosevelt signing the Social Security Act--creating a landmark program that has saved millions of Americans from poverty--the Democratic National Committee today released a new web video called "Roosevelt" that highlights the threat John McCain's radical, out of touch agenda poses to the retirement security of millions of Americans. The ad features President Roosevelt's grandson, James Roosevelt Jr., telling John McCain to "keep your hands off our Social Security."
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While He's Focused on Britney and Paris, Can John McCain Answer One Simple Question
This week, John McCain and his campaign have been all over the map on a very straightforward question: would he or wouldn't he consider raising Social Security payroll taxes. After adamantly making a blanket "no new taxes" pledge during the primaries and on the campaign trail, McCain switched his position when he refused to rule it out on ABC's "This Week," instead saying all options would be on the table. McCain's campaign has been scrambling all week, giving shifting and conflicting accounts about what Senator McCain plans to do.
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[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)]
[(Vote 201, HJR 51, 5/23/2003, Passed 52-46 D 1-45 R 51-0 I 0-1); (Vote 145, (Motion rejected 41-57: R 0-48; D 41-9 (ND 36-5, SD 5-4)), HR 1836, Senate RPC, 5/22/01); (Vote 22, (Motion rejected 53- 47: R 3-47; D 50-0 (ND 41-0, SD 9-0)), S. Amdt. 29, Senate RPC, 3/13/01)]
[National Review, 3/5/07]
[Chicago Sun Times, 2/5/07]