DNC Issues Six Questions to Mitt Romney About His Social Security Proposal

Sep 21, 2011, 17:48 ET from Democratic National Committee

WASHINGTON, Sept. 21, 2011 /PRNewswire-USNewswire/ -- The following is being released by the Democratic National Committee:

(Logo: http://photos.prnewswire.com/prnh/20100929/DNCLOGO)

Six Questions for Mitt Romney on his Plan to Privatize Social Security:

  1. You support privatizing Social Security which would undermine the program for seniors and dismantle it for future generations. Why then should people not find your attacks on others on the issue completely hypocritical? [Economic Policy Institute, 6/1/01]
  2. As President Bush was forced to admit in 2005, privatizing Social Security does nothing to address it's solvency – in fact it blows up to a $2 trillion hole in the trust fund to transition to private accounts. What then would you do to address Social Security's long term financing which would be made worse by siphoning up to $2 trillion from the trust fund to fund for your privatization scheme? [USA Today, 3/16/05; Bloomberg Businessweek, 1/24/05]
  3. You praised President Bush's effort to privatize Social Security and said that Social Security surpluses should be invested in the stock market. If President Bush's privatization scheme had become law, what would you have told seniors in the fall 2008 when the floor fell out from under the economy and the stock market went spiraling down? [Center for American Progress, October 2008]
  4. In attacking your rivals on this issue you claim to want to "strengthen" Social Security. The Century Foundation found that privatizing Social Security would slash benefits by 44 percent. How does slashing benefits by nearly half "strengthen" a program the purpose of which is to provide a defined benefit to seniors? [The Century Foundation, 3/9/05]
  5. You've rejected the term privatization but embraced the very scheme – diverting Social Security revenues to risky investments. Why don't you come clean and admit that you want to gamble with Social Security in a volatile stock market? [Think Progress, 9/8/11]
  6. You've criticized Rick Perry for the suggestion that Social Security be turned over to the states. But you want to turn the program over to Wall Street whose risk taking nearly sank our economy and wiped out trillions of dollars in net worth for Americans. Why should retirees on a fixed income trust Wall Street with their only source of income and retirement security? [Center for American Progress, October 2008]

SOURCE Democratic National Committee