We will make it a priority to secure for hardworking families the part of the American Dream that includes a secure and healthy retirement. Individuals, employers, and government must all play a role. We will adopt measures to preserve and protect existing public and private pension plans. In the 21st century, Americans also need better ways to save for retirement. We will automatically enroll every worker in a workplace pension plan that can be carried from job to job and we will match savings for working families who need the help. We will make sure that CEOs can't dump workers' pensions with one hand while they line their own pockets with the other.

We will ensure all employees who have company pensions receive annual disclosures about their pension fund’s investments, including full details about which projects have been invested in, the performance of those investments and appropriate details about probable future investments strategies. We also will reform corporate bankruptcy laws so that workers’ retirements are a priority for funding and workers are not left with worthless IOUs after years of service. Finally, we will eliminate all federal income taxes for seniors making less than $50,000 per year. Lower- and middle-income seniors already have to worry about high health care and energy costs; they should not have to worry about tax burdens as well.

The Latest »

Commemorating 73rd Birthday of Social Security, Americans Across the Country Unite to 'Just Say No' to Bush-McCain Plan for Privatization

August 14, 2008

As our nation commemorates the 73rd birthday of Social Security tomorrow, Americans across the country will gather in the culmination of week-long activities sounding the alarm on the economic impact of the McCain-Bush plan to privatize Social Security.

District of Columbia Congresswoman Eleanor Holmes Norton will lead a group of concerned current and future Social Security recipients to the Republican National Committee headquarters to deliver a Social Security birthday card and a cake to Republican National Committee Chairman Mike Duncan and Sen. John McCain as a reminder that the American people have said no once and they will say no again to privatization.

Also tomorrow, former Vice President Walter Mondale, and long-time Minnesota human-rights advocate Dr. Josie Johnson will kick off a groundbreaking new "Seniors Talking to Seniors" program in Minnesota, which will host the Republican National Convention in September. Vice President Mondale will also discuss Senator Obama's comprehensive plan to protect Social Security, strengthen retirement savings, make affordable health care available to every American and to protect and honor our seniors.

Over the past week, events have taken place all around the country in the last seven days, from Michigan to Florida, from Idaho to Ohio, and from Maine to Alaska, highligting the incredible burden families in every state would face without Social Security. A recent report from the Institute for America's Future, a non-profit think tank, showed that Social Security privatization would cut lifetime benefits by almost half a million dollars, and would make 8.6 million senior citizens vulnerable to poverty.

"The American people said 'no' to George W. Bush and John McCain when they tried to privatize Social Security, and they'll say the same loud and clear to John McCain this November for promising more of the same," said DNC Chairman Howard Dean. "The same people who brought you Enron can't be trusted to gamble away the Social Security trust fund on the ups and downs of the stock market. John McCain is wrong on the privatization of Social Security, and he's the wrong choice for America's future."

MCCAIN WATCH: SAME-AS-BUSH PLAN TO PRIVATIZE SOCIAL SECURITY

August 14, 2008

 Today John McCain is celebrating the anniversary of the creation of Social Security -- the program that has helped keep retirees, surviving spouses and children and the disabled from poverty for over 70 years -- by reviving Bush's risky scheme to privatize Social Security. McCain has a long record of voting against protecting Social Security, and he recently even called Social Security a "disgrace." As all Americans are struggling economically, McCain wants to gamble with the economic security of those Americans most affected by the failed Bush-McCain economy.

The Bush-McCain Social Security privatization plan would blow a hole in the federal budget and end Social Security as we know it. The Bush-McCain privatization scheme would cost Americans $1 trillion initially -- that's just to transition to private accounts -- and a total of $5 trillion over 20 years. Their plan would endanger guaranteed benefits even as the economy continues to deteriorate, with job losses mounting and the cost of energy spiraling out of control.

Recent double-talk and continuing contortions on Social Security will not help McCain escape his record of supporting privatization. In 2004, McCain claimed that Social Security could not be preserved for younger generations "without privatization." In 2005, McCain campaigned alongside Bush in a failed attempt to sell their risky Social Security privatization scheme, and Americans rejected the Bush-McCain plan for privatization. Now in 2008 McCain's back with more of the same, and he'll get the same answer - no.

McCain has been steadfast in his commitment to privatizing Social Security - and jeopardizing the benefits of those Americans most affected by the failed Bush-McCain economic policies.

MCCAIN, BUSH AND THEIR PLAN TO PRIVATIZE SOCIAL SECURITY

2008: McCain Called Social Security "an Absolute Disgrace." As reported by the Washington Post, McCain said at a town hall in Denver on July 7, 2008, "Americans have got to understand that we are paying present-day retirees with the taxes paid by young workers in America today. And that's a disgrace. It's an absolute disgrace, and it's got to be fixed." [Washington Post, 7/9/08]

2008: McCain "Totally In Favor" of Bush Privatization Plan. Earlier this year, McCain said "As part of Social Security reform, I believe that private savings accounts are a part of it - along the lines of what President Bush proposed." He pointed out that I campaigned in support of President Bush's proposal and I campaigned with him, and I did town hall meetings with him." [Wall Street Journal, 3/3/08]

2005: McCain Campaigned for Bush Social Security Plan. "McCain has been especially supportive of his onetime rival, appearing with Bush at three events over the past two days in trying to prod Democrats into negotiations to include private accounts in a plan to revamp Social Security." [Washington Post, 3/23/05]

2005: McCain: "Private Savings Accounts Work." While appearing with President Bush in Tucson, Arizona, McCain said, "Private savings accounts work. They have been proven to work not only in America but all over the world, and we ought to really strongly support it." [Presidential speech in Tucson, Arizona, 3/21/05; Weekly Compilation of Presidential Documents]

2004: McCain Says Privatization Only Way to Go Forward. Responding to a question of whether "privatizing Social Security be a priority for you going forward?" McCain answered, "Without privatization, I don't see how you can possibly, over time, make sure that young Americans are able to receive Social Security benefits." [C-Span Road to the White House, 11/18/2004]

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. [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)]

DNC Releases New Web Ad Highlighting the Threat John McCain Poses to Social Security

August 14, 2008

On the 73rd Anniversary of President Franklin D. Roosevelt signing the Social Security Act--creating a landmark program that has saved millions of Americans from poverty--the Democratic National Committee today released a new web video called "Roosevelt" that highlights the threat John McCain's radical, out of touch agenda poses to the retirement security of millions of Americans. The ad features President Roosevelt's grandson, James Roosevelt Jr., telling John McCain to "keep your hands off our Social Security."

Roosevelt notes that, when President Roosevelt created Social Security, he did so over the objection of a small conservative minority who "believed that government should not have a role in ensuring a retirement with dignity… John McCain agrees with that old way of thinking." Last month, McCain told an audience in Colorado that the way Social Security has operated for 73 years is an "absolute disgrace." He has consistently supported President Bush's reckless plan to privatize Social Security, even touring the country with the President in 2005 to promote the failed Bush plan. McCain even voted to raise the retirement age.

Roosevelt concludes the video by saying "On the 70th anniversary of Social Security, Americans stood together and said no to George Bush's attempt to privatize Social Security. On this anniversary, let's make sure John McCain hears the same message. Tell John McCain to keep his hands off of our Social Security."

"It's hard to remember now, but before Social Security, nearly half of America's seniors lived in poverty. After a lifetime of playing by the rules and working hard, there was no guarantee of a secure retirement.

"My grandfather, Franklin Delano Roosevelt and a majority of Americans thought that was wrong.

"They believed that lifting our seniors out of poverty is a reflection of our nation's core values.

"That's why my grandfather signed the Social Security act seventy three years ago today. One of the great successes of the 20th Century, today Social Security lifts nearly 13 million seniors and 1.3 million children out of poverty.

"Back in 1935, a small minority did not share those values. They opposed the creation of Social Security because they believed that government should not have a role in ensuring a retirement with dignity or helping seniors stay out of poverty. They said, "You're on your own".

"John McCain agrees with that old way of thinking. Like President Bush, he wants to privatize our Social Security, turning it into a gamble with our futures, and making 8.6 million American seniors vulnerable to poverty. John McCain has even said Social Security is "a disgrace".

"I couldn't disagree more.

"Our Social Security isn't a disgrace; it's a compact, a trust between generations of Americans. It's a reflection of our values.

"On the 70th anniversary of Social Security, Americans stood together and said no to George Bush's attempt to privatize Social Security.

"On this anniversary, let's make sure John McCain hears the same message. Tell John McCain to keep his hands off of our Social Security."

McCain Attack Ad Debunked

August 11, 2008

 Brian Deese, an economic adviser to Senator Barack Obama, debunks one of John McCain's numerous negative attack ads filled with distortions. Deese takes viewers through a typical McCain attack ad on taxes and lays out all the facts on the Obama tax plan.

While He's Focused on Britney and Paris, Can John McCain Answer One Simple Question

July 30, 2008

This week, John McCain and his campaign have been all over the map on a very straightforward question: would he or wouldn't he consider raising Social Security payroll taxes. After adamantly making a blanket "no new taxes" pledge during the primaries and on the campaign trail, McCain switched his position when he refused to rule it out on ABC's "This Week," instead saying all options would be on the table. McCain's campaign has been scrambling all week, giving shifting and conflicting accounts about what Senator McCain plans to do.

"While John McCain is focused like a laser beam on pressing issues like Britney Spears and Paris Hilton, the American people still don't know where John McCain stands on the issue of raising payroll taxes," said Democratic National Committee spokesman Brad Woodhouse. "while he's previously said one thing on the campaign trail, he now is saying something entirely different. The American people deserve a clear answer from Senator McCain. He may be tying himself in knots to keep the base of his Party on board, but the bottom line is clear: a vote for John McCain is a vote for more of the same politics and failed Bush policies."

The following is a chronology of John McCain's inability to answer a simple question on the payroll tax:

September 2007: McCain Refused to Sign No New Tax Pledge. "Last September, he was forced to defend his refusal to sign a no-new tax pledge offered by the conservative Americans for Tax Reform. 'I stand on my record,' he said during a televised debate in Durham, N.H. 'I don't have to sign pledges.'" [Associated Press, 2/17/2008]

December 2007: McCain Tells Wall Street Journal "I Will Not Agree To Any Tax Increase," No Exceptions. "Meeting with us last December, before the primaries, he declared that "I will not agree to any tax increase," repeating the phrase for emphasis. He did not say any tax increase with the exception of Social Security." [Wall Street Journal editorial, 7/30/08

February 17: McCain Pledges No Tax Increases Under Any Circumstances. "STEPHANOPOULOS: So on taxes, are you a "read my lips" candidate, no new taxes, no matter what? MCCAIN: No new taxes. I do not -- in fact, I could see an argument, if our economy continues to deteriorate, for lower interest rates, lower tax rates, and certainly decreasing corporate tax rates, which are the second-highest in the world, giving people the ability to write off depreciation in a year, elimination of the AMT. There's a lot of things that I would think we should to relieve that burden, including, obviously, as we all know, simplification of the tax code. STEPHANOPOULOS: But under circumstances would you increase taxes? MCCAIN: No."

March 3: McCain Backs Away From No New Tax Pledge. "On taxes, Sen. McCain is walking a fine line between courting keep-taxes-low Republicans while insisting he is the candidate of fiscal discipline. Two weeks ago, ABC's George Stephanopoulos asked him on 'This Week' if he were a ''read my lips' candidate, no new taxes, no matter what?' referring to a pledge made by President George H.W. Bush, which he later broke. 'No new taxes,' Sen. McCain responded. 'But under circumstances would you increase taxes?' Mr. Stephanopoulos continued. 'No,' Sen. McCain answered. Asked in The Wall Street Journal interview to clarify, Sen. McCain softened that stance. 'I'm not making a 'read my lips' statement, in that I will not raise taxes,' he says. 'But I'm not saying I can envision a scenario where I would, OK?'"

March 13: Asked if He Would Raise Taxes, McCain: "No." Asked if he would raise taxes, McCain said: "No. Look, here we are. Americans are hurting. You know that, I know that. These are tough economic times. Do we want to raise their taxes and have the government take more of their money… We can't raise people's taxes, particularly at this particular time." [Hannity and Colmes, 3/13/08]

July 27: McCain Refuses to Rule out Payroll Tax Hike: "Nothing's off the Table." "MCCAIN: No, I have said and will say, I will say that everything has to be on the table, if we're going to reach a bipartisan agreement. I've been in bipartisan negotiations before. I know how you reach a conclusion. We all have to sit down together with everything on the table. STEPHANOPOULOS: So, that means payroll tax increases are on the table, as well? MCCAIN: There is nothing that's off the table. I have my positions, and I'll articulate them. But nothing's off the table. [ABC's This Week, July 27, 2008]

July 29: Spokesman Says there Is "No Imaginable Circumstance" Where McCain Would Raise the Payroll Tax. "MEGYN KELLY: Alright, but you're waffling now, Tucker. You're off point, you're off point. We're talking about on a go forward basis if McCain gets in the White House is he going to raise the payroll tax? Might the Social Security tax go up? Is that on the table? TUCKER BOUNDS: No, Megyn. There is no imaginable circumstance where John McCain would raise payroll taxes. It's absolutely out of the question." [Fox News, July 29, 2008]

Dean: John McCain Wants to Privatize Social Security

June 13, 2008

During a town hall meeting in New Hampshire yesterday, John McCain told the voters, "I am not for privatizing Social Security. I never have been. I never will be." But as a new video released by the Democratic National Committee shows, Senator McCain clearly does support privatizing Social Security. In 2004, Senator McCain said "without privatization, I don't see how you can possibly, over time, make sure that young Americans are able to receive Social Security benefits." In 2005 Senator McCain hit the road with President Bush to help promote the President's failed effort to promote private accounts. In fact, as recently as March 2008, McCain told the Wall Street Journal he still supports President Bush's plan and is "totally in favor of personal savings accounts."

DNC Chairman Howard Dean today issued the following statement:

"John McCain should realize that the American people know a bad idea when they see one. Despite the rhetoric, the facts don't lie. Senator McCain not only supports privatizing Social Security, he was part of the Bush propaganda machine that tried to sell it to the American people. The American people cannot afford another Republican president who will put the retirement security of millions of hard working families at risk. Telling the voters he opposes privatizing Social Security when he clearly supports it is not the 'straight talk' Senator McCain promised the American people. Senator McCain is ill-suited to be President if he thinks the American people won't notice when he says something in 2008 that is the exact opposite of what he said in 2004 and 2005."

2004: McCain Says Privatization Only Way to Go Forward. Responding to a question of whether "privatizing Social Security be a priority for you going forward?" McCain answered, "Without privatization, I don't see how you can possibly, over time, make sure that young Americans are able to receive Social Security benefits." [C-Span Road to the White House, 11/18/2004]

2005: McCain Campaigned for Bush Social Security Plan. "McCain has been especially supportive of his onetime rival, appearing with Bush at three events over the past two days in trying to prod Democrats into negotiations to include private accounts in a plan to revamp Social Security." [Washington Post, 3/23/05]

2008: McCain "Totally In Favor" of Bush Privatization Plan. Earlier this year, McCain said "As part of Social Security reform, I believe that private savings accounts are a part of it - along the lines of what President Bush proposed." He pointed out that I campaigned in support of President Bush's proposal and I campaigned with him, and I did town hall meetings with him." [Wall Street Journal, 3/3/08]

He'll Say Anything

March 3, 2008

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.

A couple weeks ago, on "This Week," McCain was specifically asked if he was a "read my lips" candidate when it came to his tax pledge. McCain responded that he would have "no new taxes" and added that there wouldn't be any exceptions.

But that was then.

Asked about his position by the WSJ, now that the primary is basically over, he claimed that he's "not making a 'read my lips' statement," which of course is exactly the opposite of what he said just two weeks ago.

The other flip-flop is on Social Security. It's long been true that McCain has been for privatization -- diverting payroll taxes for private accounts that could go into the stock market. Not only was he for it in 2000, but he was also in favor of it when Bush pushed for it back in 2005.

His website begs to differ, however, the WSJ reports. Instead of diverting those payroll taxes, his website says he favors "supplementing" existing taxes so that people can create add-on accounts. While McCain simply says this was an error, he has not changed it, as of now, on his website.

McCain Promises Third Bush Term

January 8, 2008

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. The one-time maverick has stubbornly promised nothing more than a third Bush term on everything from Iraq to health care, and from privatizing Social Security to continuing Bush's budget busting special interest tax cuts. The American people want real change, not an establishment candidate who will do anything to win, even if it means compromising on his principles.

McCain's not alone, however. One thing is clear: whoever wins, a vote for any of the Republican candidates is a vote for a third Bush term.

FOUR MORE YEARS? No Thanks!!!

John McCain Means a Third Bush Term

IRAQ: NO PLAN TO END THE WAR IN IRAQ

John McCain Said That Iraq Was "On The Right Track" As The Country Moved Closer To Civil War. Speaking on the "Imus In The Morning" radio show on March 1, 2006, McCain played down the increasing civil violence in Iraq. When Imus remarked that Iraq “already looks like a civil war,” McCain responded, saying, “I keep trying to look at the bright side of this because we have to because the consequences of failure are catastrophic. But the gathering of the seven most respected religious leaders the day before yesterday, calling for calm and calling for some kind of reconciliation, I think, was important. I think, at least we're on the right track here.” [MSNBC, Imus in the Morning, 3/1/06]

McCain Claimed He Could Safely Walk Around Certain Baghdad Neighborhoods. “McCain's latest problem began before he left for the region, when he told Bill Bennett on the radio that ‘there are neighborhoods in Baghdad where you and I could walk today.’ After Michael Ware of CNN's Baghdad bureau accused the senator of living in ‘Nederland,’ McCain charged that its reporters who are living in a ‘time warp of three months ago.’” [Newsweek, Alter, 4/16/07 edition]

McCain Missed Iraq War Votes Because He Was Too Busy Campaigning. Senator McCain was campaigning while he missed each of the first three most crucial votes on the Iraq war this year. The first time, on February 5, “McCain admitted he was mending fences with conservatives in Texas when the Republicans in the Senate blocked a debate on the war.” The second time, on February 17, McCain chose “to spend the day courting conservative voters for his presidential campaign in Iowa,” and then immediately headed to Orlando, Florida for the National Religious Broadcasters convention. And finally, McCain missed the third Iraq war vote on March 15, because he was “campaigning in Iowa.” [Dallas Morning News, 2/5/07; AP, 2/16/07; MSNBC.com, 2/14/07; Los Angeles Times, 3/16/07]

John McCain Willing to Spend 'a Hundred Years' or a 'Million Years' in Iraq. McCain interrupted a voter during a townhall meeting in New Hampshire telling him it "may be a hundred" years in Iraq and "that would be fine with me." After the townhall meeting, he told a reporter "that U.S. troops could be in Iraq for 'a thousand years' or 'a million years,' as far as he was concerned." [McCain Derry, NH townhall meeting, 1/3/08;

HEALTH CARE: NO PLAN TO EXPAND COVERAGE AND CUT COSTS

John McCain Does Not Have a Plan For the Uninsured. According to the Wall Street Journal, McCain’s plan does not focus on “reducing the ranks of the uninsured,” of which there are about 47 million, or one in seven Americans. [Wall Street Journal, 10/11/07]

Concord Monitor: Just Like Bush Plan Criticized By Experts. “Critics of the idea say a free-market approach won't work for health insurance the way it does for car insurance. The elderly, the poor and the sickest may find themselves priced out of the market.” [Concord Monitor, 8/1/07]

Experts: McCain’s Plan Would Make It Hard For Those Who Need It Most To Find Coverage. In a plan like McCain’s for individual coverage, it would be “difficult for older, sicker people to find affordable coverage or, in some cases, any coverage at all.” [Wall Street Journal, 6/7/07]

SOCIAL SECURITY: PRIVATIZATION AND BENEFIT CUTS

John McCain Promises “Hard Choices;” Previously Chose Privatization. "If I'm President, I'll submit a plan to save Social Security and Medicare, and I'll ask Democrats in Congress to do the same. We'll listen to what people outside government suggest as well. I'll work on a bipartisan basis to make the hard choices… and if Congress is afraid to make those choices, then they can just let me do it. I'll take the heat. I'll ask Congress to let me submit a comprehensive proposal. I'll prepare it carefully, fairly and honestly" [McCain Economic Speech, 4/16/2007]

1998: McCain Voted To Create Personal Retirement Accounts. In 1998, McCain voted for legislation expressing that the budget surplus can be used to establish a program of personal retirement accounts for working Americans to reduce unfunded liabilities of Social Security program. [Vote #56, SCR 86, 4/1/1998]

TAXES – MORE BUDGET-BUSTING FAVORS FOR THE WEALTHY AND SPECIAL INTERESTS

John McCain Voted For Bush Tax Cuts And Defended The Flip-Flop As A Legislative Gimmick. John McCain voted to extend tax cuts supported by the president that were set to expire between 2005 and 2010. “The Senate voted 53-47…in favor of extending the president's investor tax cuts on dividends and capital gains. Joining in this breakthrough vote was John McCain, the senator who voted against these tax cuts when they were introduced in 2003. This is an important shift for the GOP presidential frontrunner[.]” McCain’s vote was described as “a sharp reversal of his anti-tax-cut posture,” though he defended the shift, saying, “it was a gimmick,” reasoning that “the tax cuts were temporary and then had to be made permanent. The tax cuts are now there and voting to revoke them would have been to--not to extend them would have meant a tax increase. I’ve never voted for a tax increase in my life.” [Senate vote #10, H.R. 4297, 2/2/06, passed 66-31; New York Times, 2/21/06; Washington Times, 3/6/06; NBC News, 4/2/06]

NY Times: McCain Made A Stand On Tax Policy But Didn’t Hold To It. “Mr. McCain made a stand by voting against the Medicare prescription drug benefit in 2003 and Mr. Bush's tax cuts in 2001 and 2003. But, like his fellow Republican contenders, he supports extending tax cuts for investors, even though they are not paid for.” [Editorial, New York Times, 3/21/06]

Mit Promises Third Bush Term

January 3, 2008 -

Mit's millions may have bought himself a second-place showing at the Iowa caucuses, but he can't buy credibility. Even Republicans think Romney is telling them what he thinks they want to hear instead of what he really believes.

FOUR MORE YEARS? No Thanks!!!

Mitt Romney Means A Third Bush Term

IRAQ: NO PLAN TO END THE WAR IN IRAQ

Mitt Romney: I Wouldn't Presume To Do It Differently From Bush. During an appearance on the O'Reilly Factor, Mitt Romney said, "I wouldn't presume to present a plan different from that of the President. But I believe he was right to take on the war on terror on an aggressive front rather than a defensive front. We toppled the government ... walking away would mean a humanitarian disaster. We're there and we have a responsibility to finish the job." [O'Reilly Factor, FNC, 9/27/06]

Romney Displays "Superficial" Knowledge on Iraq. A Time Magazine column highlighted Romney's "superficial" knowledge of the war and other top issues and blasted Romney for "the brazen cynicism of his candidacy," saying "he skims the surface of issues" in a stump speech that "never mentions Iraq." In fact, on a recent swing through New Hampshire, Romney "cruised through two performances before the word Iraq perforated his balloon." When finally asked about it by a high school student, Romney "offered a welter of details… which sounded sort of knowledgeable but was actually quite superficial" before getting to the point: "he would support the President." [Time.com, 5/31/07]

HEALTH CARE: NO PLAN TO EXPAND COVERAGE AND CUT COSTS

Mitt Romney Embraced Bush's Idea of Creating Tax Benefits to Encourage Americans to Buy Private Insurance. "Like President Bush, Romney would create tax benefits for people who buy private insurance. He would also reduce the requirements that states and the federal government put on private plans." [Washington Post, 8/29/07]

SOCIAL SECURITY: PRIVATIZATION AND BENEFIT CUTS

Mitt Romney Plans "Deep Cuts" in Social Security. Romney "[I]s weighing a cut in the top individual tax rate from the current 35 percent; a reduction in the corporate income tax; and deep cuts in automatic-benefit programs such as Medicare and Social Security.[Bloomberg, 2/7/2007]

Romney Now Intrigued by Idea of Reduction in Benefits and Privatization. Romney aides say he is intrigued by the ideas of Democrat Robert Posen who served on Bush's 2001 Social Security Commission. Posen's plan calls for "progressive indexation" that maintains the current Social Security benefit formula for the poor while providing gradual benefit reductions for wealthier individuals. The plan also allows people who receive reduced benefits to put as much as 2 percent of their pay into private investment accounts. [Salt Lake Tribune, 2/7/07]

Romney Previously Promised Not to Cut Social Security. Romney said he would not cut Social Security to meet his goal of balancing the federal budget. "I don't think you go back and rewrite the contract the government has with people who've retired." [Boston Globe, 10/17/2004]

TAXES – MORE BUDGET-BUSTING FAVORS FOR THE WEALTHY AND SPECIAL INTERESTS

Mitt Romney Bragged about Support for Bush Tax Cuts. During a November 2006 press conference held in Arizona, Romney outlined differences between himself and McCain. Romney said "he was quicker than McCain to endorse President Bush's tax cuts." [East Valley Sun, 11/14/2006]

Washington Post: Romney's Tax Plan "Poorly Designed, Expensive." The Washington Post criticized Romney's tax proposal in October 2007, saying that his tax "scheme" was "poorly designed, expensive" and that Americans already have "ample opportunity to save tax-free, with an array of vehicles for retirement and education savings." [Washington Post editorial, 10/16/2007]

FACT: Vast Majority of Savings Would Benefit the Wealthy. "Critics pointed out that while many families would benefit, the vast majority of the total dollar savings would go to the wealthy, who own the most stocks, have the biggest bank accounts, and reap the most capital gains from real estate and other investments." [Boston Globe, 9/8/2007]