www.newsweek.com/id/160179
MySpace Summary In Daytona Beach, Obama said that "if my opponent had his way, the millions of Floridians who rely on it would've had their Social Security tied up in the stock market this week." He referred to "elderly women" at risk of poverty, and said families would be scrambling to support "grandmothers and grandfathers." The plan proposed by President Bush and supported by McCain in 2005 would not have allowed anyone born before 1950 to invest any part of their Social Security taxes in private accounts. All current retirees would be covered by the same benefits they are now. Obama would have been correct to say that many workers under age 58 would have had some portion of their Social Security benefits affected by the current market turmoil - if they had chosen to participate. And market drops would be a worry for those who retire in future decades.
Without Social Security half of elderly women would be living in poverty - half. But if my opponent had his way, the millions of Floridians who rely on it would've had their Social Security tied up in the stock market this week. Millions would've watched as the market tumbled and their nest egg disappeared before their eyes. Millions of families would've been scrambling to figure out how to give their mothers and fathers, their grandmothers and grandfathers, the secure retirement that every American deserves. So I know Senator McCain is talking about a "casino culture" on Wall Street - but the fact is, he's the one who wants to gamble with your life savings. All current retirees would be covered by exactly the same Social Security benefits they are now under what the Obama campaign likes to call the "Bush-McCain privatization plan," which Bush pushed for unsuccessfully in 2005.
the White House spelled out at the time, on page 5 of the document titled "Strengthening Social Security for the 21st Century," released in February 2005: Bush Plan: Personal retirement accounts would be phased in. To ease the transition to a personal retirement account system, participation would be phased in according to the age of the worker. In the first year of implementation, workers currently between age 40 and 54 (born 1950 through 1965 inclusive) would have the option of establishing personal retirement accounts. In the second year, workers currently between age 26 and 54 (born 1950 through 1978 inclusive) would be given the option and by the end of the third year, all workers born in 1950 or later who want to participate in personal retirement accounts would be able to do so.
Yeah, the plan would phase the casino in gradually, so only future generations, not today's seniors, would be screwed. In 2000 McCain wanted to divert Social Security money to private accounts.
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 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.
My only suggesting is to include the links to Trustees report or CBO's. Its either cut back benefits or increase taxes, according to all the objective experts. Both of the candidates are not advocating real structural reform which entails real pain (the third rail of politics).
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