Shays’ True Stance on Social Security
FOR IMMEDIATE RELEASE
Friday, September 12, 2008
Republican continues to support privatizing social security
BRIDGEPORT, CT: On Wednesday, September 9, Republican Christopher Shays issued a press release claiming that he does not support privatizing social security. The Himes campaign issued the following response:
"Chris Shays worked hand in hand with George Bush when Bush wanted to privatize social security," said Michael Sachse, Himes' Communication Director. "Just because George Bush and Chris Shays try not to talk about privatizing Social Security any more doesn't mean they think it's a bad idea. Chris Shays' recent statements make it clear that he still supports privatizing Social Security."
Background:
- "I believe Americans should be able to invest a portion of their Social Security contribution in a broad-based index of the stock markets, improving the return on workers' investments, regardless of short-term market fluctuations, and helping maintain the solvency of the Social Security system" (1/20/05, Westport Minuteman)
- Recent statements show Chris Shays still thinks he was right and voters were wrong. In July, Shays distanced himself from "advocates of existing Social Security" and claimed that private markets are "absolutely" the best place for people to have "their Social Security retirement" - not just additional funds. (WNPR, "Where We Live," 7/11/08) *
- In August, Shays again claimed that retirement savings should be invested in private accounts rather than in Social Security: "Having people invest in their country is a better way to get a return on your investment than treasury bills that are invested in the Social Security fund." (8/13/08, WTNH News)
* TRANSCRIPT OF SHAYS ON "WHERE WE LIVE," 7/11/08:
HOST: Given what a lot of Americans are seeing happen with the markets right now, do you think it's the safest place for people to have their Social Security retirement?
SHAYS: Oh yeah. Oh absolutely. Because in the long run - unless you think your country's going down the drain, and that we're going to be a second-rate nation - but the bottom line is in the long run, yes, it goes up...
So what the advocates of the existing Social Security want is that we should invest in what we have, treasury bills, which pay the lowest interest rate. You would go to jail if you were a fiduciary of an account and you suggested to a young person that they invest all their money in treasury bills. You would have them invest in your country and in the businesses in your country.
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