Obama's Social Security Whopper

[BoogyMan]

Hmmmmm.....



Source: Link (http://www.factcheck.org/elections-2008/obamas_social_security_whopper.html)

He tells Social Security recipients their money would now be in the stock market under McCain's plan. False.

Summary

In Daytona Beach, Obama said that "if my opponent had his way, the millions of Floridians who rely on it would've had their Social Security tied up in the stock market this week." He referred to "elderly women" at risk of poverty, and said families would be scrambling to support "grandmothers and grandfathers."

That's not true. The plan proposed by President Bush and supported by McCain in 2005 would not have allowed anyone born before 1950 to invest any part of their Social Security taxes in private accounts. All current retirees would be covered by the same benefits they are now.

Obama would have been correct to say that many workers under age 58 would have had some portion of their Social Security benefits affected by the current market turmoil – if they had chosen to participate. And market drops would be a worry for those who retire in future decades. But current retirees would not have been affected.

...Read More... (http://www.factcheck.org/elections-2008/obamas_social_security_whopper.html)

[AFbombloader]

Hmmmmm.....

Hmmmmmm is right. It seems like another example of exagerating the facts to frighten a portion of the populace.

AF:salute:

[Kathianne]

Yep all the while erasing his position on his site to 'save Social Security as you know it.' He's coming around to the idea that everyone needs to work longer. This is a case where I agree with him, but he's only erased it, not stated it on the trail.

[Mr. P]

Hmmmmm.....

The Dims try to scare old folks into thinking they'll lose their social security EVERY election.

[Yurt]

obama and the dems are fear mongers

[Immanuel]

He tells Social Security recipients their money would now be in the stock market under McCain's plan.

Why doesn't he tell them the truth of the matter?

That in fact their Social Security funds have been going into a negative return account that has cost them billions of dollar throughout their lifetimes.

Most people do not recover the money they put into Social Security throughout their lifetimes and that is not even including a moderate amount of interest that they could have earned on those funds. They would have been much better off taking that money and putting it into a savings account rather than giving it to the government or better yet "investing it in the stock market or mutual funds".

Social Security was a good idea in its time, but it is time to review the plan and make changes to it.

Immie