DNC - McCain Defends Retirement Accounts Amid Stock Dive

Washington, DC - In an AP article today, Glen Johnson highlights the difficulty John McCain is having trying to explain his long held position in support of George Bush's failed 2005 privatization of Social Security in the wake of this week's economic turmoil.

According to Johnson, this week's "Wall Street turmoil left John McCain scrambling to explain why the fundamentals of the U.S. economy remained strong" and "left him defending his support for privately investing Social Security money in the same markets that had tanked earlier in the week." John McCain's continued support of Bush's failed 2005 Privatization plan demonstrates just how out of touch McCain is with the economic situation of middle class Americans.

The following are excerpts of the story:

McCain defends retirement accounts amid stock dive
Associated Press
By GLEN JOHNSON
September 18, 2008
"Wall Street turmoil left John McCain scrambling to explain why the fundamentals of the U.S. economy remained strong. It also left him defending his support for privately investing Social Security money in the same markets that had tanked earlier in the week.

"The Republican presidential nominee says all options must be considered to stave off insolvency for the government insurance and retirement program, and top McCain advisers say that includes so-called personal retirement accounts like those President Bush pushed in 2005 but abandoned in the face of Democratic opposition.

"Democrat Barack Obama opposes the accounts and has warned they could be a precursor to eliminating the government entitlement program. Critics also note that one of McCain's top economic advisers is former Texas Sen. Phil Gramm, a free-marketeer who pushed the idea of a privatized retirement system as far back as 1988."

To read the entire article, click here:

http://ap.google.com/article/ALeqM5gwHGMYappR5eiPj4JoZ8L-7YUacAD939UIJ00