Obama vs. McCain: Should Social Security Be Privatized?
Background on Social Security Privatization This strategy, initially advocated by presidential candidate George W. Bush, would partially privatize the Social Security system by establishing voluntary personal retirement accounts and enabling workers to earmark a portion of their Social Security tax payments to be invested in the stock market on their behalf. Here’s what Obama vs. McCain stand on Social Security privatization. • McCain on Social Security Privatization Figuring out McCain’s position on privatizing Social Security isn’t as easy as you might expect. McCain’s public statements on privatization are often contradictory, appearing to place him firmly on both sides of the issue. In 2004, McCain said: “Without privatization, I don’t see how you can possibly, over time, make sure that young Americans are able to receive Social Security benefits.” In March 2008, McCain told the Wall Street Journal, “I’m totally in favor of personal savings accounts.” When reminded that his website
