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GOP2012: Republican debate, October 11th, 2011
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GOP Candidates Support Gutting And Privatizing Social Security

September 22, 2011 at 10:01 P.M.

If there’s one thing debate watchers could count on, it’s a full-fledged attack on Social Security from the Republican candidates. They continue to condemn Social Security while attempting to convince Americans they’re simply being "honest." But their recent rhetoric can't hide their long-held opinions on this program that millions of American seniors depend on. With one candidate calling it "a Ponzi scheme" and another embracing privatizing it, it's clear that the Republicans plans for Social Security would leave our seniors’ future subject to the whims of Wall Street. If these candidates want to be honest, they should simply admit they’re lock step in supporting what the Tea Party wants, regardless of the impact on Americas’ seniors.

 

THE GOP PRESIDENTIAL CANDIDATES HAVE USED EXTREME RHETORIC ON SOCIAL SECURITY

  • Romney: "To Put It In A Nutshell, The American People Have Been Effectively Defrauded Out Of Their Social Security." [Romney, No Apology: Believe In America, Pg. 172]
  • Perry Said That Social Security Is A "Ponzi Scheme." [California Republican Primary Debate, 9/8/11]
  • Perry Wrote, "By Any Measure, Social Security Is A Failure." [Perry, Fed Up!, 62]
  • Perry: Americans Have Been "Forced To Accept" Social Security "At The Expense Of Respect For The Constitution." [Perry, Fed Up!, 50]

 

THE GOP PRESIDENTIAL CANDIDATES WOULD DISMANTLE SOCIAL SECURITY EITHER THROUGH PRIVATIZING OR MAKING IT A STATE PROGRAM

  • Romney Touted President Bush’s Plan To Privatize Social Security Saying "That Works." [Fox News Republican Presidential Debate, 10/21/07]
  • Perry: "I Would Suggest A Legitimate Conversation About Let[ting] The States Keep Their Money And Implement The Programs." [Interview with Andrew Romano, appearing in The Daily Beast, 8/12/11]
  • Bachmann On Social Security And Medicare: "Basically What We Have To Do Is Wean Everybody Else Off." [Think Progress, 2/8/10]
  • Gingrich Supported A Plan To Divert Payroll Taxes Into Private Accounts. [Washington Post, 2/24/05]
  • Santorum Backed President Bush's Attempt To Privatize Social Security. [Philadelphia Inquirer, 2/23/05]

 

PRIVATIZING SOCIAL SECURITY WOULD HURT MIDDLE CLASS FAMILIES AND FURTHER ADD TO THE DEBT

  • CAP: A Person With A Private Social Security Account Similar To What President Bush Proposed That Was Invested In Stocks Retiring In October 2008 And Had Been Saving For 35 Years Would Have Seen A Loss Of $26,000 On The Market. [Center for American Progress, October 2008]
  • CAF On President Bush's Privatization Plan: "A Typical 20-Year-Old Worker Who Has Just Begun Paying Into The Social Security System, Can Expect To See A Cut Of $152,000 Over Their Retirement." [Campaign for America's Future, 3/1/05]
  • The Century Foundation: President Bush’s Social Security Privatization Plan Would Reduce Benefits By As Much As 44 Percent Over 2005 Levels. [The Century Foundation, 3/9/05]
  • The Transition Costs For Privatizing Social Security Were Estimated At $1 Trillion To $2 Trillion. [Bloomberg BusinessWeek, 1/24/05]

 

THE GOP PRESIDENTIAL CANDIDATES HAVE ENDORSED THE CUT, CAP AND BALANCE PLAN THAT WOULD GUT SOCIAL SECURITY

  • Mitt Romney, Rick Perry, Michele Bachmann, Newt Gingrich, Rick Santorum, Herman Cain And Gary Johnson Signed The Cut Cap And Balance Pledge. [Cut Cap and Balance Act, accessed 9/22/11]
  • Huntsman Supported Finding A Pathway Toward A Balanced Budget Amendment. [Salt Lake Tribune, 7/16/11]

 

THE BALANCED BUDGET AMENDMENT WOULD GUT SOCIAL SECURITY

  • The Balanced Budget Amendment Without Any Tax Increases "Would Necessitate Deep Cuts In Social Security, Medicare, And Medicaid." [Center on Budget and Policy Priorities, 7/16/11]
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