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John McCain Still Supports Privatizing Social Security

The American people - across party lines and ideology - do not support privatizing social security. They don't support it in boom times, let alone in the middle of this Republican recession. But John McCain, just like George W. Bush, does support privatizing social security.

Sen. McCain, the Republican nominee, said he remains open to personal accounts, also called private accounts, for younger people. Under this system, pushed hard by President Bush in 2005, workers could divert some of the taxes that normally would go to pay Social Security benefits into personal accounts invested in stocks and/or bonds. In trade, their guaranteed checks from the government would go down, increasing both the possibility of risk and reward for participants, depending on how the investments fare.


"Privatizing Social Security was a bad idea when George Bush proposed it, and it's a bad idea today. It would take the one rock-solid, guaranteed part of your retirement income and gamble it on the stock market," Obama said.

It's good that McCain said this in front of fellow senior citizens at an AARP event, and I hope he continues to admit his true position on it all the way up until election day instead of running away from it like he has so many other issues. Embrace the privatization of the most important and popular social program in U.S. history, you maverick you!