Social Security plans lack specifics
PRESIDENTIAL CANDIDATES SAY RETIREMENT AGE SHOULD STAY THE SAME, BUT AGREEMENT STOPS THERE
By The Associated Press
Published: October 19, 2008
WASHINGTON — Sen. Barack Obama wants to raise taxes on high-income workers to ease Social Security’s looming cash crunch. Sen. John McCain favors voluntary private accounts for younger wage earners.
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What Obama says
Obama aired a television ad saying McCain campaigned in favor of Bush’s failed 2005 proposal, which it characterized as "cutting benefits in half, risking Social Security on the stock market.”
In fact, the allegation about cutting benefits was from a study showing that under one scenario, the benefits of higher-income retirees could be cut in half beginning in 2080.
Nor has McCain proposed investing payroll tax receipts in the stock market. But he has previously proposed giving workers the option of investing Social Security taxes.
What McCain says
"I do not and will not privatize Social Security,” McCain says. "It’s not true when I’m accused of that.”
Polling over the years has shown the word "privatization” evokes hostility among voters.
McCain’s denials are hard to square with his previous comments. "Without privatization, I don’t see how you can possibly over time make sure that young Americans are able to receive Social Security benefits,” he said in November 2004.
McCain says the challenges facing Social Security aren’t as pressing as Medicare’s future woes.
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Related Topics:
Politics, U.S. Politics, Economic Issues, Elections and Voting, Privatization, U.S. Presidential Election


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