McCain Still Supports Privatizing Social Security

McCain, Obama Split Over Social Security

By LAURA MECKLER September 7, 2008

ALBUQUERQUE, N.M. -- Presidential contenders John McCain and Barack Obama offered very different visions for solving Social Security's financial problems Saturday in separate appearances before AARP, a Washington lobby that advocates for older Americans.

Sen. McCain, the Republican nominee, said he remains open to personal accounts, also called private accounts, for younger people. Under this system, pushed hard by President Bush in 2005, workers could divert some of the taxes that normally would go to pay Social Security benefits into personal accounts invested in stocks and/or bonds. In trade, their guaranteed checks from the government would go down, increasing both the possibility of risk and reward for participants, depending on how the investments fare.

"There may be a role for private investment accounts for younger workers as long as they are not a substitute for insuring the solvency of the system and does not affect the system,'' Sen. McCain said.