McCain on Social Security
One of the most frustrating aspects of politics is the biannual war of words over whether or not conservative politicians want to privatize Social Security. Privatizing Social Security is unpopular, so progressive politicians like to point out that conservative ones want to privatize it. Conservatives then deny a desire to do any such thing, protesting instead that they have only vague dreams of “fixing” it. Then the press shows up to accuse any Democrat who dares point out the obvious — that conservatives want to privatize Social Security — of distorting the truth.
At any rate, here’s John McCain giving his view on Social Security privatization:
In a much anticipated address at the Democratic National Convention, Clinton said, “John McCain wants to privatize Social Security.”
“Privatizing Social Security” is how Democrats refer to President Bush’s plan to allow workers to divert a portion of the program’s payroll taxes to personal investment accounts.
McCain has repeatedly warned that the Social Security system is going broke and needs to be fixed to meet the needs of future generations.
However, the senator is not proposing anything as ambitious — or as concrete — as what the president attempted to do in 2005.
And it’s true, McCain isn’t proposing a concrete program of privatization — because he’s frightened that if people were to obtain an accurate assessment of his views he would lose the election — but it’s also true that he wants to privatize Social Security, as witnessed by his statement that privatization is necessary over the long run. Note, though, that “privatization” isn’t just “how Democrats refer to President Bush’s plan” — it’s also how John McCain refers to his preferred Social Security policy. Now how much credence should we give to his campaign season self-reports about privatization? I would say very little, since it’s a subject he demonstrably lies about:
During his years in the Senate, John McCain earned a reputation as a fiscal conservative and champion of entitlement reform. But on the campaign trail this year, “straight talk” has been very hard to come by. In discussing Social Security, Mr. McCain, who once favored slowing the growth in benefits and allowing younger workers to privately invest a portion of their Social Security taxes, now speaks mostly in banalities about “reaching across the aisle” to achieve “bipartisan consensus.”
Stepping back, Social Security is the single largest program the federal government runs. John McCain is a major party presidential nominee. Accurately reporting the views of a major party presidential nominee on the fate of the federal government’s largest program is important. And it’s not too difficult! Google for “McCain Social Security privatization” and you’ll find plenty of accurate information, including video of McCain talking about the need to privatize.
39 Responses to “McCain on Social Security”
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August 28th, 2008 at 9:29 am
Of course, if your gold standard for “truth” is what “experts” say, and the only “expert” you can be bothered to talk to is a “Social Security expert” at the Heritage foundation, you’ve pretty much guaranteed that your “Truth-o-meter” is going to be a conduit for pure bullshit.
It is incredibly frustrating.
August 28th, 2008 at 9:36 am
Why do they have to go to body language experts to figure out what Hillary really thinks but they can’t watch a video or read a transcript to figure out what John McCain really thinks?
August 28th, 2008 at 9:43 am
Matt,
Pointing out McCain’s contradictory comments is fair game. But he has also not ruled out modest tax increases in order to save Social Security. Caused a donnybrook on the right:
http://www.cbsnews.com/stories/2008/07/29/politics/
main4302521.shtml?source=related_story
The fact that he won’t rule anything in or out on Social Security is extremely positive, because it makes finding a compromise solution to the problem more politically feasible after inauguration.
That is more relevant and more important than what he’s said in the past on this issue.
No?
Matt
August 28th, 2008 at 9:45 am
“McCain has repeatedly warned that the Social Security system is going broke . . . ”
Except SS is not “going broke.” Under economic assumptions in which SS cannot pay full benefits after 2042, private investments would also not keep up. Under economic assumptions in which private investment returns could be competitive with SS, SS will be able to pay full benefits after 2042.
Why do Republicans think it’s OK to lie?
August 28th, 2008 at 9:52 am
The fact that he won’t rule anything in or out on Social Security is extremely positive, because it makes finding a compromise solution to the problem more politically feasible after inauguration.
What a good strategy! I think that every candidate should “not rule anything in or out” on any issue, and then we can decide the election based on bullsh*t like whether or not a candidate “has enough experience” or how many houses they own.
August 28th, 2008 at 9:58 am
John McCain has a recent history of simply flat-out lying when confronted with something he said. If Obama puts him on the spot in the debates, he might be able to force one or more of these lies.
Obama will likely have shifts as well, of course, but McCain’s lies tend to be stupid, clumsy ones like “You’re wrong, I never said that.”
August 28th, 2008 at 10:00 am
So, Matt, what is the correct definition of ‘privatization’? What does it mean?
August 28th, 2008 at 10:02 am
What a good strategy! I think that every candidate should “not rule anything in or out” on any issue, and then we can decide the election based on bullsh*t like whether or not a candidate “has enough experience” or how many houses they own.
Oh come on. It’s a hugely important issue and neither party is going to let the other fix it alone and claim the glory. It’s going to take presidential leadership and compromise, and that’s what McCain is trying to make possible.
He’s not a perfect candidate – I agree he’s inconsistent on some issues – but he’s doing what he should be doing on Social Security.
August 28th, 2008 at 10:18 am
Schrödinger’s fraud.
.
August 28th, 2008 at 10:25 am
Boy, that soon-to-be 72 years young fella there sounds confused as to his own beliefs on this very important subject.
August 28th, 2008 at 10:30 am
It isn’t a problem. Social Security at best is third order problem. The rest of government is in debt but because Social Security might have to borrow for a few years in 50 years SOMETHING MUST BE DONE!
August 28th, 2008 at 10:36 am
No.
Desperate evasions and pandering during an election are not more important than previous statements.
August 28th, 2008 at 10:38 am
Matt Bondy,
McCain is obliviously for privatization, he knows it, he has stated it in the past, has supported in the past, but his overwhelming ambition to become president is forcing him to lie in order to obfuscate an unpopular position.
August 28th, 2008 at 10:42 am
When is privatization not privatization? When in the hands of the ‘reformers’ of Social Security. It is not quite to Orwellian Ministry of Truth territory but close.
People who push Social Security plans based on PRAs (Personal Retirement Accounts) such as the Ferrara, Posen and Liebman-MacGuineas-Samwick emphasize the fact that the worker has a certain amount of control over the allocation of the investment and a certain amount of control over the handling of the payout at retirement (though both go down with income) to make the account ‘personal’. But given like all sponsored pension plans the actual control of the money remains in the hands of the employer/government they argue it is not actually ‘private’.
To these guys anything short of absolute abolition of Social Security is not ‘privatization’ at all. Which is what happens when you let the other side get control of the policy definitions.
So McCain and all are not lying, exactly. Not once you run the word ‘privatization’ throught the Secret Squirrel Decoder Ring.
August 28th, 2008 at 10:48 am
Social Security is the Old-Age, Survivors, and Disability Insurance (OASDI) program.
Note the word “insurance”, which is pooling of risk. If you are an individual, you are not pooling risk (or reward). Privatization means the abolition of the system
August 28th, 2008 at 10:48 am
I “met” Barack at an event with Sen Feingold in Wisconsin on Sunday. I used my two seconds of face time to ask Obama why I’m not seeing McCain call SS a “disgrace” on TV every day. He said they’re saving the best material for last.
I hope they know what they’re doing.
August 28th, 2008 at 10:55 am
This is where John Kerry’s Senator McCain vs. Candidate McCain formulation comes in handy. Senator McCain clearly supported privatization. Candidate McCain supports the concept, but rejects the term.
His “everything is on the table” response was later clarified to not include tax increases. It appears that he is not completely familiar with what the term “everything” means.
Obama should keep pounding away that John McCain wants to take the security out of Social Security. Say. Rinse. Repeat.
August 28th, 2008 at 11:11 am
The funny thing (and by that I mean “funny like being buried alive with rats”) is that Social Security is fine, but Medicare, saddled with an unfunded prescription benefit, is sinking faster than the USS Indianapolis. And neither of the great GOP advocates for “fixing” Social Security wanted to have anything to do with providing a funding source for W’s prescription benefit.
August 28th, 2008 at 11:16 am
matt bondy, mccain’s campaign disavowed his remarks: holtz-eakin said he “didn’t speak for the campaign.”
more generally, social security can’t go broke: it’s got a dedicated revenue source. what it can do is pay lesser benefits it it came to it.
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