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John
McCain restates support for Social Security
Privatization
In an interview
appearing in the March 3 edition of
The Wall
Street Journal,
John McCain
restated his support for the privatization
of Social Security, saying, “As part of
Social Security reform, I believe that
private savings accounts are a part of it --
along the lines that President Bush
proposed.”
The proposal McCain
favors is the same Bush privatization plan
rejected by the American people in 2005 for
jeopardizing the economic security of
current and future retirees and ravaging
guaranteed benefits for seniors and the
disabled.
Without the program,
half of all American seniors would live in
poverty. Privatization would mean a 30-50%
cut in benefits, with the average retiree
losing $134,000 in payments over 20 years of
retirement.
Arizona Alliance
members gathered outside a Phoenix Social
Security office this morning to protest Sen.
McCain’s support for privatization, which he
has consistently favored and voted for in
2006.
“Don't be fooled, John
McCain is, was, and always will be a
privatizer,” said
George J. Kourpias, President of the Alliance for Retired
Americans.
“While he fancies
himself a maverick, he has long championed
the Bush plan to gamble away Social Security
on the roulette wheel of the stock market.
In a Bush-McCain world, seniors' risk would
be Wall Street's reward.”
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