AmericansUnitedforChangeBlastsSen.MitchMcConnellforBackingDeMint-Bush-McCainSocialSecurityPrivatizationScheme

America’sSeniors,Survivors,andtheDisabledResoundinglyRejectedtheSameDisastrousBush-McCainProposalin2005–aRiskyInvestmentSchemethatWouldSlashGuaranteedBenefitsandExplodeNationalDebt

WashingtonD.C.–AmericansUnitedforChange,thegroupbestknowforleadingthesuccessfulfighttodefeatPresidentBush’smisguidedefforttoprivatizeSocialSecurityin2005,sharplyrebukedSen.MitchMcConnellforvotingforanamendmenttotheFY2009BudgetputforwardbyU.S.Sen.JimDeMint(R-SC)thatwouldhavefunneledsurplusSocialSecurityfundsintoriskyprivateaccountsratherthankeepingitintheSocialSecuritytrustfund. TheamendmentfailedThursdaynightbya41-57margin.

        “Thethirdtimewasn’tacharm,itseems,”saidJeremyFunk,spokesmanforAmericansUnitedforChange. “SenatorDeMinttriedandfailedagainforathirdyearinarowtoleadhiscolleaguesdownthesamewell-wornandtorturedpathtowardsdismantlingSocialSecurityasweknowit–andtherewasSenatorMcConnellfollowingrightbehindhimlikealemming. SenatorDeMint,SenatorMcConnellandtherestoftheanti-SocialSecurityforcesinCongressliketoplaywordgameswiththeirconstituentsontheissueofSocialSecurity–theysaythey’refor“privateaccounts”not“privatization.”ButdivertinganymoneyfromtheSocialSecuritytrustfundtopayforriskyinvestmentaccountsisprivatization–pureandsimple. Andnothingwillchangethefactthatprivatizationwouldn’taddasingledaytothelifeofSocialSecurity–notonesingleday;eventopBushadvisorshaveadmittedasmuch. Privatizationwillweaken,notstrengthen,SocialSecuritybydivertingtrillionsofdollarsthatwouldbeusedtopayguaranteedbenefits.” 

        TheDeMintamendmentcameontheheelsofstatementsfromSenatorJohnMcCainearlierthismonthinsupportofthesameBushprivatizationproposalthatwasoverwhelminglyrejectedbytheAmericanpublicin2005. McCaintoldtheWallStreetJournal:"AspartofSocialSecurityreform,Ibelievethatprivatesavingsaccountsareapartofit--alongthelinesthatPresidentBushproposed."[WallStreetJournal,3/3/08

“It’stroublingtohearSenatorJohnMcCainpromisetobringbackfromthedeadtheverysameBushplantoprivatizeSocialSecuritythatwasresoundinglyrejectedbytheAmericanpublicin2005–ariskyinvestmentschemethatwouldexplodethenationaldebtandslashguaranteedbenefitsformillionsofseniors,survivorsandthedisabled,”addedFunk.“Perhapsmoretroublingtothepeopleof

Kentucky

isknowingthattheirownSenatorMcConnellintendstohelpresuscitatethesameoldprivatizationschemethatreplacesSocialSecuritywithinsecurity. Privatizationisabaddealbecauseitturnsguaranteedbenefitsintoaguaranteedgamble. ItwillhurtoureconomyandputahugenewtaxburdenonAmericansbyrequiringmassivenewborrowinganddebt.  AndnowweknowwhereSenatorMcConnellstands.” 

--AmericansUnitedforChange;courtesyofFrankLeidermann,ActingEditor