by Seth Michaels, May 16, 2008

This week, while embarking on a national media tour, Sen. John McCain was asked directly about whether he’d privatize Social Security. Unfortunately, the presumptive Republican nominee didn’t offer any straight talk.

In an appearance on television’s “Live with Regis and Kelly,” McCain offered confusing, vague remarks that don’t tell us where he really stands on retirement security. He denied that his plan meant privatization—and, in nearly the same sentence, backed private accounts. His comments aren’t consistent with his record and with other statements made during the campaign.

It leads to a clear question: Where does McCain stand on Social Security and the issues that matter to seniors?

Edward Coyle, executive director of the Alliance for Retired Americans, says McCain needs to tell us the truth about what his plans would mean for current, and future, retirees.

Appearing today on Live with Regis and Kelly, Senator McCain tried to hide the truth: he wants to throw our hard-earned Social Security benefits onto the roulette wheel of the stock market. For the bankers on Wall Street, this would mean big reward as they skim service fees and profits off these private accounts. For seniors already struggling with rising gas and grocery prices, it would mean even more risk and uncertainty in these difficult times.

Not only did Senator McCain support privatized Social Security in a March 3 interview with the Wall Street Journal, but in 2006 he voted to shift Social Security’s annual surpluses into a reserve account that would be converted into private accounts. Earlier in his Senate career, McCain voted twice to replace Social Security’s guaranteed benefits with income from risk-based private investments.  

Moreover, the same March 3 Wall Street Journal article reported McCain is considering raising the Social Security retirement age to 68 and reducing the cost-of-living adjustment (COLA).

McCain’s record on Social Security has drawn serious concern from his Arizona constituents, who note that McCain was a strong proponent of Bush’s Social Security privatization plan and that he said he was “totally in favor” of private accounts in the Wall Street Journal interview.

McCain needs to look out for retirees, not Wall Street, and he needs to be clear and honest about his plans for Social Security.

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