SCDems News
Spratt, Fowler: McCain Social Security Plan Bad for SC
August 14, 2008
Columbia, SC- More than 70 years ago, President Franklin D. Roosevelt signed the Social Security Act creating a program that has saved millions of retirees, surviving spouses and children, and disabled Americans from poverty.
Today, more than 1.5 million South Carolinians receive social security benefits. However, Democratic leaders in the state believe this program is at risk under Social Security plans endorsed by President George Bush and Senator John McCain.
Both Bush and McCain's plans advocate privatization of Social Security and could cost Americans $1 trillion in their initial stages and total $5 trillion over 20 years.
US Representative John Spratt says Social Security does face problems when 77 million baby boomers start retiring in large numbers, but the Bush-McCain plan is not a solution.
"Democrats are convinced that we can fix this shortfall without radically changing the program, just as we did in 1983. Those who claim that Social Security is broke and can't be fixed have a solution that fulfills their prophecy. Both President Bush and Senator McCain would allow one-third of everyone’s payroll tax to be shifted into private accounts. But if the payroll taxes dedicated to Social Security are diverted away from the trust fund, it will only deplete the trust fund sooner. This is hardly a solution- in fact, it could destroy the system under the pretense of saving it," said Spratt.
South Carolina Democratic Party Chair Carol Fowler also sees the Bush-McCain Social Security plan as a problem for South Carolina residents.
"Frankly, I find McCain's Social Security privatization plan to be frightening. His plan only reinforces George Bush's plan which would endanger guaranteed Social Security benefits. Our country's next leader should not be someone who is willing to send millions of people into poverty," said Fowler.
Spratt said the president's solution to Social Security is a defining difference between Democrats and Republicans.
"Democrats believe in the program and believe that there are better ways to insure its solvency than privatization or benefit cuts so deep they change the scope and nature of the program," he said.
