WSJ: Crisis Draws Attention to McCain Social Security Plan

Crisis Draws Attention to McCain Social Security Plan
Support for Market Could Be Hurt by Financial Strife
By LAURA MECKLER and NICK TIMIRAOS



Financial turmoil may not just boost government's role in markets. It could undermine a push in recent years by conservatives, including John McCain, to inject more market forces into government-run and heavily regulated programs.

On the presidential campaign trail, Democrat Barack Obama is seizing on the recent turbulence to lambast proposals by Sen. McCain on Social Security and health care, two areas on which the Republican presidential nominee has embraced market-oriented solutions.

These proposals -- particularly private accounts carved out of Social Security -- were controversial to begin with, and the new crisis only heightens the concerns. The accounts are designed to generate greater returns than the government gets holding onto the money. But if workers invest their Social Security taxes in the stock market, what happens if the market is down when it comes time to retire?

Those are potent questions for voters, and the unfolding financial crisis could kill any chance this proposal had of becoming law when Congress eventually works out a solution to the retirement program's financial problems.

It is a "particularly perilous" time to favor any sort of privatization, said Neil Newhouse, a Republican pollster. Even if the policy is good, he said, it is a hazardous moment to advocate it.

Overall, the economic turmoil is working to swing the race toward Sen. Obama, said Matthew Dowd, a former strategist for President George W. Bush. He said the Social Security argument makes Sen. McCain's problems more acute.

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http://online.wsj.com/article/SB122204378523361477.html

McCain has no clue on the economy and the voters need reminded daily of that fact.

:hi:

:kick:

Will quickly add that these accounts would be purely voluntary - Ok - my question is - Who would have to bail these folks out?

Us that's who...

McClueless strikes again!

that McHoover is not only inept in relation to the economy, McCane is dangerous and his lack of moral core puts all Americans at risk since he will lie shamelessly to the nation to further his ambition.

I would love to work on it.

Cause Bill Clinton is very much the 1990s.....

This topic here, however, is about our future!

needs to be aware of how McBush felt about privitizing Social Security. Same as the dim one, iirc. Hey, they ARE alike!

It just hasn't gotten any hold on the topics here. Sensationalism wins out.

Even last night in a sort of mock poll on the board we were discussing this issue.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=132x7140333

McCain finally got in trouble for his SS and Healthcare nonsense. Thank God. I was waiting for this and I would love it broadcasted everywhere.

to privatize social security.

Also hope people think about his plan to tax any health benefits we get with our employment, even though that's a different symptom of his contempt for the working poor and middle class !!