Legal Commentary

Obama Continues Focus on Social Security

By TChris

John McCain will undoubtedly accuse Barack Obama of mischaracterizing McCain's position on social security, but voters are beginning to understand that McCain has taken every side of every issue, including social security, during his lengthy career in Washington. McCain is recently on record endorsing President Bush's failed privatization plan, despite his campaign's assurance that McCain is "100 percent committed to preserving Social Security benefits for seniors." McCain tied himself to Bush when he thought it would help him. If the embarrassing knots are difficult to untie now, McCain has only himself to blame.

As he did in this ad, Obama today described McCain as a reckless gambler ready to bet social security trust fund revenue on private investments. Obama seized the moment to make an argument that should separate McCain from a large segment of voters (elderly and getting there) who foresee disaster if part of the social security system is converted to a voluntary program of private investment.

Obama, speaking to potential voters in Daytona Beach: [more ...]

"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. Millions would've watched as the market tumbled and their nest egg disappeared before their eyes," he said. "I know Sen. McCain is talking about a 'casino culture' on Wall Street, but the fact is, he's the one who wants to gamble with your life savings, and that is not going to happen when I'm president. When I'm president, we're not going to gamble with Social Security."

With an election to win and cognizant of widespread wariness of any reform measure that involves the creation of private investment accounts, McCain is now untethered to any policy. He wants to create a bipartisan commission to find a solution to an anticipated shortfall of payroll tax revenue to pay full social security benefits to all recipients. This sounds equally as effective as his plan to create "a high-level commission to study the current economic crisis."

McCain = more of the same + commissions to make economic policy.

Full post as published by TalkLeft on September 20, 2008 (boomark / email).