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
He'll Say Anything
An article in the Wall Street Journal today highlighted some big flip-flops in McCain's record that I think are pretty striking in how clearly shameless they are.
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McCain Promises Third Bush Term
John McCain's Double-Talk express may have rolled past his Republican cohorts in New Hampshire after a disappointing fourth place in Iowa, but his record makes one thing clear: he offers more of the same.
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Another Week, Another Chance for the Republican Presidential Field to Duck Hard Questions
Tonight, the AARP will be hosting a forum for the Republican candidates in Iowa to address issues important to America's seniors but only one of the Republican frontrunners will attend as the others cited "scheduling conflicts."
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Man Without a Plan
Republican presidential candidate John McCain said Tuesday that Congress' failure to act on Social Security shows there is more concern about partisan politics than the good of the nation.
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McCain's Retooled Economic Plan: Light on Substance, Heavy on Hypocrisy
John McCain's attempts to "retool" his campaign and distract from his support for the Bush Administration's failed strategy in Iraq continued today with an economic speech in Memphis, Tennessee.The retooled McCain, however, didn't have anything new to offer, siding again with the Bush Administration on tax cuts for the wealthy at the expense of a balanced budget, and on Social Security privatization.
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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]