McCain thinks your Social Security benefits belong in a game of roulette
A big thank-you to CWA Retiree Michael Joyce from Indiana for catching this and sending it our way!
Sen. John McCain recently appeared on Live with Regis and Kelly, where he suggested that not only did he want to risk your Social Security benefits by putting them into the stock market, but that he was more concerned with the bottom line of bankers on Wall Street than middle class Americans, who would benefit greatly from such a windfall.
Edward F. Coyle, Executive Director of the Alliance for Retired Americans points out that this is an unreasonable thing to ask from seniors, who are already struggling with out-of-control gas and grocery prices, exposing them to unnecessary risk and uncertainty.
“Not only did Senator McCain support privatized Social Security in a March 3 interview with the Wall Street Journal, but in 2006 he voted to shift Social Security’s annual surpluses into a reserve account that would be converted into private accounts. [S. Con. Res., Vote #68, 3/16/06]. Earlier in his Senate career, McCain voted twice to replace Social Security’s guaranteed benefits with income from risk-based private investments. [S. Con. Res., Vote #56, 4/1/98; S. Con. Res., Vote #77, 4/1/98]”
Additionally, in a March 3rd Wall Street Journal article, McCain was revealed to be considering raising the Social Security retirement age to 68 and reducing the cost of living adjustment.
Coyle explains:
“Current –and future – retirees demand the truth about the prospects for their retirement security. We call upon all in public office to speak clearly about their intentions for Social Security.”
Not all older Americans have the luxury of a $100 million beer fortune to live lavishly off of – McCain needs to start worrying about middle class retired Americans, not banking industry fat-cats.
