podesta_email_17840.txt

podesta-emails 1,273 words email

V15 D3 V16 V14 P22

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www.americansunitedforchange.org <http://www.americansunitedforchange.org/> FOR IMMEDIATE RELEASE Contact: Jeremy Funk, 202-470-5878 Date: October 7th, 2008 Associated Press: 'Retirement accounts have lost $2 trillion' And John McCain still wants to privatize Social Security? Washington D.C. - Americans United for Change <http://www.americansunitedforchange.org/> , the progressive issue-advocacy group formerly known as Americans United to Protect Social Security, which led the national campaign to beat back President Bush's effort to privatize Social Security in 2005, today noted what a unmitigated disaster it would have been if President Bush and Senator John McCain had had their way in 2005 and privatized Social Security given the staggering news today that, according to the Associated Press <http://www.breitbart.com/print.php?id=D93LQUFO0&show_article=1> : "Americans' retirement plans have lost as much as $2 trillion in the past 15 months, Congress' top budget analyst estimated Tuesday." AUFC also noted how wildly out-of-touch with reality Senator McCain remains as he continues to promise to pursue the same disastrous Bush privatization scheme from 2005 that would gut guaranteed benefits for America's seniors, survivors and the disabled -- and turn Social Security from a guarantee into a guaranteed gamble in the stock market. CLICK HERE TO READ: "McCain defends retirement accounts amid stock dive," Associated Press, 9/19/08 <http://hosted.ap.org/dynamic/stories/M/MCCAIN_SOCIAL_SECURITY?SITE=MOST P&SECTION=HOME&TEMPLATE=DEFAULT> "As part of Social Security reform, I believe that private savings accounts are a part of it - along the lines that President Bush proposed." - Senator John McCain, Wall Street Journal, 4/17/08 Jeremy Funk, of AUFC: "Wall Street is still reeling in the wake of the collapse of several major financial institutions and an ongoing credit crisis. The Dow Jones plummeted below 10,000 points this week for the first time since 2004. And now it's reported that Americans who have retirement plans have lost as much as $2 trillion. $2 trillion. If President Bush and Senator McCain would have accomplished their mission of privatizing Social Security in 2005, millions of American's retirement would today be ensnared in this financial catastrophe." "Now more than ever, America's retirees are depending on the rock solid guarantee Social Security has provided for over seven decades," continued Funk. "Yet, despite a financial crisis that has only gone from bad to worse, Senator John McCain has incredibly renewed his promise to pursue the same Bush privatization proposal that would encourage seniors to gamble away their Social Security in the stock market - the same bad deal that the American people overwhelmingly rejected in 2005 that would slash guaranteed benefits for America's seniors, surviving family members and people with disabilities whether they chose to take part in this risky investment scheme or not. Privatization is bad deal that will weaken, not strengthen, Social Security by diverting trillions of dollars that would be otherwise be used to pay guaranteed benefits." "It's ironic that at the same time John McCain is claiming that Social Security is "in crisis," he is pushing for a proposal that would only hasten the insolvency of the program. The fact is, if no changes were made, the Social Security trust fund could continue paying full benefits until 2041. That's not a crisis. There's plenty of time to find a bipartisan, common sense solution for long-term solvency. Yet, Senator McCain wants to tear down the entire house to fix the kitchen sink. That's as reckless a deal for America's seniors as his disastrous health care plan that would gut Medicare and Medicaid by $1.3 trillion <http://online.wsj.com/article/SB122315505846605217.html> ." "Senator McCain -- who recently called Social Security as FDR conceived it over 73 years ago "an absolute disgrace" <http://www.youtube.com/watch?v=ugN8Rn5baqM> -- loves to play word games with seniors over Social Security reform. He says he's for "private accounts," not "privatization." But diverting any money from the Social Security trust fund to pay for risky investment accounts is privatization - pure and simple. And that's exactly what George W. Bush and John McCain have wanted to do for a very long time." "But it is understandable why John McCain - the eighth richest Senator with nine homes and 13 cars - supports privatizing Social Security," added Funk. "It doesn't matter if he wins of loses his Social Security in the stock market - he can afford it. But what about the millions of American seniors, survivors and people with disabilities who have little or no other source of income? They can't afford nine homes - let alone losing their Social Security." Click here to download the recent report from the Institute for America's Future: "The Perils of Privatization Social Security Privatization Cuts Lifetime Benefits; Makes Senior Citizens Vulnerable to Poverty." <http://www.ourfuture.org/report/2008083204/perils-privatization> -30- http://www.breitbart.com/print.php?id=D93LQUFO0&show_article=1 <http://www.breitbart.com/partner.php?source=ap> Retirement accounts have lost $2 trillion Oct 7 02:45 PM US/Eastern By JULIE HIRSCHFELD DAVIS Associated Press Writer WASHINGTON (AP) - Americans' retirement plans have lost as much as $2 trillion in the past 15 months, Congress' top budget analyst estimated Tuesday. The upheaval that has engulfed the financial industry and sent the stock market plummeting is devastating workers' savings, forcing people to hold off on major purchases and consider delaying their retirement, said Peter Orszag, the head of the Congressional Budget Office. As Congress investigates the causes and effects of the financial meltdown, the House Education and Labor Committee was hearing from retirement savings and budget analysts on how the housing, credit and other financial troubles have battered pensions and other retirement funds, which are among the most common forms of savings in the United States. "Unlike Wall Street executives, America's families don't have a golden parachute to fall back on," said Rep. George Miller, D-Calif., the panel chairman. "It's clear that their retirement security may be one of the greatest casualties of this financial crisis." More than half the people surveyed in an Associated Press-GfK poll taken Sept. 27-30 said they worry they will have to work longer because the value of their retirement savings has declined. Orszag indicated the fear is well-founded. Public and private pension funds and employees' private retirement savings accounts-like 401(k)'s-have lost some 20 percent overall since mid-2007, he estimated. Private retirement plans may have suffered slightly more because those holdings are more heavily skewed toward stocks, Orszag added. "Some people will delay their retirement. In particular, those on the verge of retirement may decide they can no longer afford to retire and will continue working," Orszag said. A new AARP study found that because of the economic downturn, one in five workers 45 and older has stopped putting money into a 401(k), IRA or other retirement savings account during the past year, and nearly one in four has increased the number of hours he works. Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. ___________________________________ Jeremy J. Funk Communications Director Americans United for Change Office: 202.470.5878 Cell: 605.366.3654 [email protected] <mailto:[email protected]> www.AmericansUnitedforChange.org --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the "big campaign" group. To post to this group, send to [email protected] To unsubscribe, send email to [email protected] E-mail [email protected] with questions or concerns This is a list of individuals. It is not affiliated with any group or organization. -~----------~----~----~----~------~----~------~--~---