FACTCHECK.ORG

Obama's Social Security Whopper

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

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  • Posted By: Mwalimu @ 09/23/2008 7:12:12 PM

    For years economists including the writers in Newsweek have used the word "entitlement" to describe social security and medicare. They use the word "entitlement" to suggest that some how people receiving social security are some sort of lazy welfare bum who is getting money they don't deserve.

    For years, abolishing social security and/or privatizing it has been the pipe dream of conservatives, Republicans and neo-cons. The latest tactic invovles allowing younger people to move some of their money from social security to private accounts. As more younger workers move to private accounts, the more unstable social security becomes. The more it will depend on "bailouts" from the government.

    As the national debt continues - it's no at 9 trillion.. The Wall Street bailout will raise the debt to over $ 12 trillin dollars. As this national debt continues, it will be easy for Republicans, like John McCain, to launch crusades against the elderly who depend on social security for survival. They will be constantly attacked as greedy geezers stealing money from little children. They will find their social security payments cut until they are next to nothing.

    If you don't believe me. Go back to recent history and you will see this scenario played out several years ago when Bush launched his social security privatization drive. I am simply re-telling what I observed.

    Obama pledges to keep social security solvent. John McCain can say anything he wants during the campaign season, it's just phony posturing. But once elected he will start to the drive to eliminate social security because that is the number one doctrine of conservative Republicans from Goldwater on.
    So my advice to any one who depends on social security or medicare. Vote as if you're life depended on it - and indeed it does. Do not believe fact checker. Only Obama promises to keep social security solvent. Only Obama deserves your vote.

    • Posted By: Morgan2008 @ 09/26/2008 1:36:58 PM

      This is one of Obama's whoppers that he told to retired people in Florida. John McCain will not eliminate social security. Even if he wanted to, which he doesn't, he couldn't without the consent and approval of congress, and congress is not going to agree to anyone eliminating social security.

  • Posted By: neocon @ 09/24/2008 1:34:38 PM

    I guess Obama/Biden just lost the bridge to Nowhere as a talking point, lol.

    Although Democratic vice presidential candidate Joe Biden routinely mocks his Republican counterpart, Alaska Gov. Sarah Palin, for her onetime support of the infamous "Bridge to Nowhere," Biden and his running mate voted to keep the project alive twice.
    Both Biden and Democratic presidential candidate Barack Obama voted to kill a Senate amendment that would have diverted federal funding for the bridge to repair a Louisiana span badly damaged by Hurricane Katrina, Senate records show.
    And both voted for the final transportation bill that included the $223 million earmark for the Alaska project.
    An amendment offered by Sen. Tom Coburn, R-Oklahoma, would have stripped the money appropriated to connect the Alaskan coastal city of Ketchikan to its airport on sparsely populated Gravina Island and diverted the money to Louisiana.
    But Biden andObama and 80 of their colleagues rejected the measure, an amendment to a massive 2005 transportation bill that funded thousands of projects across the country. ???That is probably the most disturbing element of this and the campaigning on the Bridge to Nowhere," said Bill Allison of the Sunlight Foundation, a taxpayer watchdog group. "Because, yes, they had a chance to vote specifically against the Bridge to Nowhere in Alaska to redirect the money to people, to bridges and infrastructure damaged by Hurricane Katrina going in to New Orleans, and they chose not to."

    http://www.cnn.com/2008/POLITICS/09/23/biden.earmarks/index.html?eref=rss_topstories

  • Posted By: max in fl @ 09/24/2008 12:51:51 PM

    Say what you want but there has been less low blows from the McCain camp since Obama has hit him back a few times below the belt. It could be because there is more attention now to Obama's ads.

    Obama can take the high road but he doesn't have to be McCain's punching bag. An occasional low for low blows hopefully keeps McCain's punches above the belt..

  • Posted By: trythetruth @ 09/22/2008 7:29:12 AM

    Wow lying about SS just like clinton did. Why is no one reporting on the group ACORN? Voter Registration Fraud? Obama has his boys out in all the swing states. My neighbor received a voter registration card in the mail for his pet dog. This is crazy. Why did obama try to hide who he gave the $800,000 (acorn) to. What a fraud this man is. Lies and Cheating that is the change we can expect from Obama. Just like the elections that go on in Africa.

    • Posted By: max in fl @ 09/24/2008 12:32:18 PM

      trythetruth

      McCain is writing to the elderly in Florida who are Democrats and telling them that he has them down as Republican and to sign below and HE will take care of it. THAT is what we should be looking into.

      As I keep saying, the Republicans are hoping to confuse and frustrate the voters in known Democratic areas in November to win this election. If they can turn back even 10,000 voters it would be worth the effort.

  • Posted By: jnakhoul @ 09/22/2008 3:03:34 PM

    still doesnt change the fact john mccain supported making ss and private endevour without any consideration how it would affect financial institutions and individuals investments, fact check that crap and you'll know mr. obama was correct. take it from someone who works in finance and watched people loss thousands over night this last week

    • Posted By: aunkmaa @ 09/24/2008 6:44:21 AM

      According to the "Economic Policy Institute, any Privatization of Social Security would likely result in Benefit cuts whether a participant stays in the system or Voluntarily opt out. follow the link:http://www.epi.org/content.cfm/issueguide_socialsecurityprivfaq#30 After reading the link. *** you and Factcheck.org. Old Gray ***!!!

  • Posted By: JesseB @ 09/23/2008 1:29:33 PM

    I think the factcheck.org people are reading way too much into this one. Obama was speaking hypothetically about how this would turn out under the proposed plan that McCain supports. Granted, he did exaggerate it a fair amount but I wouldn't call it a "whopper".

    As far as the "isn't this what we've come to expect" comment, just read the factcheck on their convention speaches. Obama exaggerates facts while McCain just completely makes things up. There's a big difference.

    • Posted By: busby @ 09/23/2008 3:05:12 PM

      Oh, God. That's not the point. He'll tell this to some elderly people, completely panic them and he'll get their vote on a cynical contrived trick and he knows it. So much for the everyman who cares about the American people. He's a typical POLITICIAN who cares about winning period. Not a different "kind" of politics, just the same old crap.

  • Posted By: windsurfincoug @ 09/22/2008 7:10:57 PM

    Obama's quote was:

    "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 did not say anything about the plan that was proposed by President Bush and supported by McCain.

    You surely can not deny that If McCain had his way the entire system would have been tied up in the stock market. This, in fact is his way, and thank God he did not have his way.


    Obama's quote was:

    "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 did not say anything about the plan that was proposed by President Bush and supported by McCain.

    You surely can not deny that If McCain had his way the entire system would have been tied up in the stock market. This, in fact is his way, and thank God he did not have his way.

    Obama's quote was:

    "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 did not say anything about the plan that was proposed by President Bush and supported by McCain.

    You surely can not deny that If McCain had his way the entire system would have been tied up in the stock market. This, in fact is his way, and thank God he did not have his way.






    • Posted By: bojack27 @ 09/23/2008 2:56:54 PM

      I suggest you read this comment and then see what party is responsible for the social security mess..

      Posted By: lawabiding123 @ 09/23/2008 2:13:03 PM
      Comment: Franklin Roosevelt , a Democrat, introduced the Social Security (FICA) Program. He promised:
      That participation in the Program would be Completely voluntary,
      That the participants would only have to pay 1% of the first $1,400 of their annual Incomes into the Program,
      That the money the participants elected to put Into the Program would be deductible from Their income for tax purposes each year,
      That the money the participants put into the Independent "Trust Fund" rather than into the General operating fund, and therefore, would Only be used to fund the Social Security Retirement Program, and no other Government program, and,
      That the annuity payments to the retirees would never be taxed as income.


      It was Lyndon Johnson and the democratically Controlled House and Senate that took Social Security from the
      Independent 'Trust Fund' and put it into the General Fund so Congress could spend it

      The Democratic Party then eliminated the income tax deduction for Social Security (FICA) withholding..

      The Democratic Party, with Al Gore casting the "tie-breaking" deciding vote as President of the Senate, while he was Vice President of the US, started taxing Social Security annuities.

      Finally, it was Jimmy Carter and the Democratic Party that voted to start giving Social Security payments to immigrants at age 65 -- whether or not they had ever paid a dime into the system!

      Dont' tell me it's John McCain & the Republicans who are messing with our retirement system

    • Posted By: neocon @ 09/23/2008 11:08:34 AM

      Actually no one including Bush has ever proposed putting the SS system in the stock market. If you would actually do some reseach instead of following the DNC talking points you would see that what has/is proposed would give people the OPTION to put a PORTION of THEIR SS withholdings in a private fund as a SUPPLIMENT to their SS account.

      Do your homework.

  • Posted By: lawabiding123 @ 09/23/2008 2:13:03 PM

    Franklin Roosevelt , a Democrat, introduced the Social Security (FICA) Program. He promised:
    That participation in the Program would be Completely voluntary,
    That the participants would only have to pay 1% of the first $1,400 of their annual Incomes into the Program,
    That the money the participants elected to put Into the Program would be deductible from Their income for tax purposes each year,
    That the money the participants put into the Independent "Trust Fund" rather than into the General operating fund, and therefore, would Only be used to fund the Social Security Retirement Program, and no other Government program, and,
    That the annuity payments to the retirees would never be taxed as income.


    It was Lyndon Johnson and the democratically Controlled House and Senate that took Social Security from the
    Independent 'Trust Fund' and put it into the General Fund so Congress could spend it

    The Democratic Party then eliminated the income tax deduction for Social Security (FICA) withholding..

    The Democratic Party, with Al Gore casting the "tie-breaking" deciding vote as President of the Senate, while he was Vice President of the US, started taxing Social Security annuities.

    Finally, it was Jimmy Carter and the Democratic Party that voted to start giving Social Security payments to immigrants at age 65 -- whether or not they had ever paid a dime into the system!

    Dont' tell me it's John McCain & the Republicans who are messing with our retirement system!

    • Posted By: bojack27 @ 09/23/2008 2:30:38 PM

      Wow! Great information to use in a later debate...

  • Posted By: JesseB @ 09/23/2008 1:34:03 PM

    You're basically calling his hypothetical story, which was exaggerated a bit, a "whopper". I think that's a bit of an overstatement in itself.

    As far as the "Isn't this what we've come to expect from Nobama", try looking at factcheck's comments on the convention speaches. Obama exaggerated the facts on a few items while McCain completely makes stuff up.

    Claiming that Obama is the only one "misguiding" people is just plain ignorant.

  • Posted By: popmanifesto @ 09/23/2008 1:24:50 PM

    I wouldn't call this a "whopper." Yes, he's wrong about who would currently be at risk if Social Security privatization had passed in '05, but the core of the argument is there. This is the future under a Republican plan, which serves the Wall Street lobbyists not the American people. NO ONE'S benefits should be at risk. Ever. That's the first priority of any action on Social Security - not seeing to it that Wall Street fat cats get even fatter.

  • Posted By: klavigne @ 09/23/2008 12:08:30 PM

    Isn't this what we've come to expect from Nobama?

  • Posted By: Pupster @ 09/23/2008 10:47:26 AM

    It is absolutely true that Bush proposed privatizing social security, with the draw of putting those monies in the stock market, and McCain supported it. Absolutely true.

  • Posted By: Galasso @ 09/23/2008 8:21:11 AM

    Good article for a change - Obama is winging it as usual.

  • Posted By: Jrh0 @ 09/22/2008 9:55:54 PM

    "While McCain has voted in favor creating private Social Security accounts in the past" is the key. I think it's fair to say that Obama was not referring simply to the 2005 failed Bush scheme. I think Obama was correct to say that current Social Security recipients would have their benefits at risk if McCain had his way.

  • Posted By: BaScOmBe @ 09/22/2008 9:41:58 PM

    completely bogus story

  • Posted By: windsurfincoug @ 09/22/2008 7:11:41 PM

    Obama's quote was:

    "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 did not say anything about the plan that was proposed by President Bush and supported by McCain.

    You surely can not deny that If McCain had his way the entire system would have been tied up in the stock market. This, in fact is his way, and thank God he did not have his way.

  • Posted By: windsurfincoug @ 09/22/2008 7:11:13 PM

    Obama's quote was:

    "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 did not say anything about the plan that was proposed by President Bush and supported by McCain.

    You surely can not deny that If McCain had his way the entire system would have been tied up in the stock market. This, in fact is his way, and thank God he did not have his way.

  • Posted By: SPORTLOCK09 @ 09/22/2008 7:07:28 PM

    Is this called taking the higher ground Senator Obama? Is this the change in politics we can expect from your presidency? Other then retoric, what exactly can the American people count on from your candidacy that is NOT subject to change in the near future? Part of me can't vote for you because I know you can't accomplish the goals you've stated you would. The other part can't vote for you because of an old saying I hold very dear and have found to be true too many times. IF IT SOUNDS TOO GOOD TO BE TRUE, IT PROBABLY IS. Why else hasn't any other president came up with half of the things you've stated you'd fix? Seems if if was as easy as you say it is, it would have been done already. Sorry Senator, you very well may have OVERSOLD yourself.

  • Posted By: ldap23 @ 09/22/2008 4:40:36 PM

    Another pile of bullcrap from a candidate running for POTUS . . why can't our politicians just simply say no to lying to the American people. BOTH candidates are doing this, BOTH candidates resort to cheap politics to win votes. There is NO sincerity, NO honesty here. I'm so so sick of people blindly falling into one camp or another and defending the virtues of their candidates while ignoring their lack of honesty and integrity when dealing with an opponent. Both Republicans and Democrats need a gut check here. All we are getting in this campaign is more of the typical political bullcrap . . .nothing's changed, and none of it will when one of these guy's become president. Their just pawns of the establishment and are proving it more and more each time they open their mouths.

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