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If Only

The latest lie from the Obama campaign:

He tells Social Security recipients their money would now be in the stock market under McCain's plan. False.

The amusing thing is that he says it as though it would be a bad thing. I'd a lot rather have my retirement funds in the market (which is where most of them are) than in a demographically collapsing Ponzi scheme.


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DaveP. wrote:

I can't remember a single Presidential election where the Democrat candidate didn't try to frighten the elderly by loudly claiming that the Republican would "cut Social Security".

Time to dig out another lie, guys; this one's getting boring.

Chris Gerrib wrote:

Not sure it's a lie. In 2000, McCain advocated putting "a portion" of payroll taxes into private accounts. See

He may have changed positions, although the link above shows several times where he was asked "have you changed?" and he didn't flat-out say so.

Robin Goodfellow wrote:

@Chris, if McCain's plan to give people the OPTION to put a portion (up to 20%) of their SS contributions into private accounts would have been enacted in 2000, and if the retirees Obama spoke to had opted to do just that what percentage of their total lifetime SS contributions would have been in private accounts?

Do the math. At best a tiny, tiny fraction would have been in private accounts. At even then that would have been at the discretion of the individual.

Obama is trying to sell the line that McCain would have converted all of the value of everyone's social security "savings" and converted it into stocks whether they wanted that or not.

Larry J wrote:

Ever heard of the Public Employees Retirement Association (PERA)? I don't know exactly how widespread it is, but here in Colorado Springs, city workers don't have to pay Social Security taxes. Instead, that money is invested in private accounts in mutual funds. Why do (at least some) government employees have that option but the rest of us don't?

Don't get me wrong, I'm not against them having PERA. I'm saying the rest of us should have the same option.

Chris Gerrib wrote:

Robin & Larry - first, saying "McCain is for privatizing Social Security" is not a lie. He has advocated that before, as you have just confirmed. Second is the issue of whether or not privatization is good or bad. Personally, my retirement consists of IRAs, 401k and Social Security. I'm already more then well enough invested in the market, and I would like the Social Security portion to be risk-free. If the market takes a dump or I have problems with my 401, Social Security may mean the difference between retirement in a cheap place or a cardboard box.

Rand Simberg wrote:

I'm already more then well enough invested in the market, and I would like the Social Security portion to be risk-free.

Then you shouldn't want it in Social Security. Put it in a money market fund or T-bills.

Leland wrote:


It is reading time again. First, click the link to FactCheck. There you will find what Obama said (they emphasize it, so it's easy to find):

But if my opponent had his way, the millions of Floridians who rely on it would've had their Social Security tied up in the stock market this week.

The fact is McCain's plan would not have allowed any of those Floridians, who rely on SS checks, to have their SS in the stock market. But that's only discussing the lie.

Why do you consider Social Security risk free? I personally have no belief that it will be available to me at retirement, and I have made plans accordingly. If I had control of where my SS portion was invested, then I would have more belief that I would see some of it when I do retire.

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This page contains a single entry by Rand Simberg published on September 21, 2008 12:30 PM.

The Last Of The Neanderthals was the previous entry in this blog.

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