Study: McCain's Social Security Policy Puts Nebraskans at Risk
Aug 06, 10:41 AM CST
NEBRASKA DEMOCRATIC PARTY
FOR IMMEDIATE RELEASE
August 7, 2008
For More Information:
Eric Van Horn
(402) 434-2187
Puts Nebraskans at Risk
59,000 Nebraskans at Risk of Poverty without Promised Benefits
LINCOLN, Neb. – Current and future Social Security recipients came together across the country today to educate voters on the long-term economic impact the McCain-Bush style privatization plan for Social Security would have on Nebraskans. According to a report by the Campaign for America’s Future, Social Security privatization would cut guaranteed benefits by over $137,000 over the course of a single recipient’s lifetime.
“Nebraska Democrats disagree with John McCain. Social Security is not a disgrace,” said Matt Connealy, Executive Director of the Nebraska Democratic Party. “In fact, Social Security is the most effective anti-poverty program in our country since its inception. Diverting money away from the Social Security Trust and gambling it in the stock market takes the guarantee out of guaranteed benefits for current and future retirees.”
If McCain were to be successful in his efforts to privatize social security, 59,000 Nebraskans would be thrust into poverty.
“It’s sad that McCain is willing to put Wall Street profits ahead of Nebraska seniors, but it’s not surprising,” Connealy added. “From the Farm Bill to connections with Big Oil to Social Security policy, John McCain is simply out of touch with everyday Nebraskans.”
According to the Social Security Administration, 295,459 Nebraskans count on their earned Social Security each month. For 89,000 Nebraskans, Social Security provides more than half of their income.
As the report from the Campaign for America’s Future explains, McCain’s privatization plan would endanger the $3.5 billion in annual funds from Social Security recipients upon which state government and local businesses rely. The resulting gap in the state’s economy will have to be filled by local governments and Nebraska families.
The full report by the Campaign for America’s Future can be found here.
– by Eric Van Horn | Send this to a friend
