August 14, 2008
On Social Security
Bush-McCain Privatization Plan Could Cut Guaranteed Benefits by
$181K per Senior in Wisconsin
MADISON – On the 73rd anniversary of Social Security, Senator John McCain’s privatization plan would leave 169,000 Wisconsin seniors at risk of poverty, according to a report released by Campaign for America’s Future.
“Wisconsin seniors cannot afford the Bush-McCain plan to gamble away Social Security on Wall Street,” said Joe Wineke, Chair of the Democratic Party of Wisconsin. “On the anniversary of Social Security, the seniors of this state will not allow Senator McCain to jeopardize the most successful anti-poverty program ever enacted.”
A report by Campaign for America’s Future shows that Social Security privatization could cut guaranteed benefits by $181,000 per senior in Wisconsin, placing 169,000 state seniors at risk of poverty.
In Wisconsin, 980,000 people depend on their earned Social Security benefit every month, according to the Social Security Administration. Senator McCain’s plan to divert a portion of payroll taxes into risky private accounts could force thousands below the poverty line.
“Senator McCain is again pushing George Bush’s plan, even after Americans rejected his earlier attempts to privatize Social Security and put profits ahead of families,” Wineke said. “We need to send a message to John McCain that Wisconsin does not want to gamble away our retirement security on the stock market.”
To view the full copy of Campaign for America’s Future’s Wisconsin Social Security report, visit: http://assets.ourfuture.org/documents/perils-of-privatization/wisconsin.pdf