Congressman Ryan and Mitt Romney have zero credibility when it comes to Social Security. The truth is that President Obama has called for both sides to come to the table to strengthen Social Security as part of a balanced plan, while Romney has supported privatization. And as Martha Raddatz pointed out, Congressman Ryan has supported privatization of the program in the past and was the architect of a plan that even the Bush administration called “irresponsible.”
PRESIDENT OBAMA OUTLINED SIX PRINCIPLES FOR SOCIAL SECURITY REFORM AND HAS CALLED FOR A BIPARTISAN SOLUTION TO STRENGTHEN SOCIAL SECURITY
President Obama Outlined Six Principles For Social Security Reform, Including Opposing Any Efforts To Privatize Or Weaken Social Security, To Slash Benefits For Future Generations, Or To Reduce Basic Benefits For Current Recipients. “The President is committed to making sure that Social Security is solvent and viable for the American people, now and in the future. He is strongly opposed to privatizing Social Security and looks forward to working in a bipartisan way to strengthen Social Security for years to come. Guiding the Administration in these talks will be the President’s six principles for reform: any reform should strengthen Social Security for future generations and restore long-term solvency; the Administration will oppose any measures to privatize or weaken the Social Security system; while all measures to strengthen solvency should be on the table, the Administration will not accept an approach that slashes benefits for future generations; no current beneficiaries should see their basic benefits reduced; reform should strengthen retirement security for the most vulnerable, including low-income seniors; reform should maintain robust disability and survivors’ benefits.” [White House Fact Sheet, February 2012]
President Obama: We Need To “Find A Bipartisan Solution To Strengthen Social Security For Future Generations.” "To put us on solid ground, we should also find a bipartisan solution to strengthen Social Security for future generations. We must do it without putting at risk current retirees, the most vulnerable, or people with disabilities; without slashing benefits for future generations; and without subjecting Americans’ guaranteed retirement income to the whims of the stock market." [Remarks by the President at the State Of The Union, 01/25/11]
President Obama: We Have To Keep The Promise “To Safeguard Social Security For Our Seniors, People With Disabilities, And All Americans Today, Tomorrow, And Forever.” “We have an obligation to keep that promise; to safeguard Social Security for our seniors, people with disabilities, and all Americans -- today, tomorrow, and forever.” [Remarks by the President at a Weekly Address, 8/14/10]
ROMNEY AND RYAN SUPPORTED BUSH’S PLAN TO PRIVATIZE SOCIAL SECURITY
Romney Supported Bush’s Privatization Plan For Social Security Saying “That Works.” Romney said, “[T]he president said let’s have private accounts and take that surplus money that’s being gathered now in Social Security and put that into private accounts. That works.” [Fox News Debate, 10/21/07]
- Romney Praised Private Accounts For Social Security Recipients Calling Them “A Big Plus.” “Republican Mitt Romney yesterday praised the notion of personal accounts for Social Security recipients, a key aspect of the Social Security reform plan of President Bush that never made it out of Congress. Romney said it would be a good idea to use the Social Security trust fund to allow personal accounts, which could earn higher rates of return for beneficiaries. ‘Personal accounts would be a big plus,’ Romney said at the New Hampshire Institute of Art yesterday afternoon.” [Union Leader, 6/7/07]
Ryan Praised President Bush’s Call For Private Accounts In Social Security In 2005 State Of The Union. “I’m also glad the President talked about why it’s crucial to reform Social Security now so the program will be able to help our children have a more secure retirement, while at the same time honoring its promise to seniors and those close to retirement. He needed to communicate that this will not affect today’s seniors, and he needed to show how this will help younger workers build savings for their retirement.” [Rep. Paul Ryan press release, 2/2/05]
RYAN CREATED HIS OWN PLAN WHICH WENT SO FAR BUSH ADMINISTRATION OFFICIALS CALLED “IRRESPONSIBLE”
2005: Ryan Reintroduced Bill Mirroring His 2004 Social Security Privatization Plan. “Wisconsin’s First District Rep. Paul Ryan is reintroducing legislation today to put Social Security on solid footing for the future and ensure that the program will help future generations achieve a more secure retirement, as it has for past and present retirees. This bill - the Social Security Personal Savings Guarantee and Prosperity Act - closely resembles Social Security reform legislation that Ryan introduced last year. Sen. Sununu of New Hampshire is introducing an identical measure in the U.S. Senate today.” [Rep. Paul Ryan press release, 4/20/05]
- George W. Bush’s Director Of Strategic Initiatives Peter Wehner: “If We Borrow $1-2 Trillion To Cover Transition Costs For Personal Savings Accounts And Make Changes To Wage Indexing… Would Be Irresponsible. “If we duck our duty, it can have serious short-term economic consequences. Here's why. If we borrow $1-2 trillion to cover transition costs for personal savings accounts and make no changes to wage indexing, we will have borrowed trillions and will still confront more than $10 trillion in unfunded liabilities. This could easily cause an economic chain-reaction: the markets go south, interest rates go up, and the economy stalls out. To ignore the structural fiscal issues -- to wholly ignore the matter of the current system's benefit formula -- would be irresponsible.” [Peter Wehner, White House Social Security Memo, 1/5/05]
RYAN PROPOSED TWO BUDGET PLANS THAT INCLUDED PRIVATIZATION OF SOCIAL SECURITY ROADMAP 2.0 CREATED PRIVATE ACCOUNTS FOR THOSE UNDER AGE 55, WITH EXISTING SYSTEM FOR THOSE 55 AND OLDER
Ryan’s “Roadmap For America’s Future” Included Private Accounts For Social Security. “To meet this challenge and secure our fiscal future, I have introduced a comprehensive legislative plan called ‘A Roadmap for America's Future.’ … Social Security. Social Security will be preserved for current retirees and those 55 and older. My plan starts by ending the raid on the Social Security Trust Fund. Workers under 55 will have the voluntary option of investing over one-third of their current Social Security taxes into personal retirement accounts.” [Ryan op-ed, St. Paul Pioneer Press, 9/2/08]
Ryan Doubled Down On Social Security Private Accounts After 2008 Market Collapse. “Ryan says he hasn’t lost his zeal for the free-market system and, despite the losses in the stock market, continues to back a plan that would allow workers to invest part of their Social Security funds in private accounts. Under Ryan’s proposal, the government would guarantee those workers a certain return even if their investments lost value, meaning the government would have to make up the cost. ‘Over a person’s working period, the market will outperform Social Security,’ he said, adding that it will take some time for the markets to respond to the rescue provisions now being put in place.” [Milwaukee Journal Sentinel, 10/9/08]