Kerry Misleading Voters on Social Security

American Shareholders Association:

The American Shareholders Association (ASA) today called on Sen. John Kerry to end his outright misinformation campaign on Social Security. Kerry is claiming 1) the Social Security system does not need to fixed; 2); he has a plan to fix Social Security; and 3) current retirees will see a 35 percent benefit cut. These assertions are more than just misstatements; he is outright misleading voters. ASA's executive director issued the following statement in response to Kerry's misinformation campaign:

"There is no question Social Security is facing insolvency without action. This results from demographic changes of retiring baby boomers. In 1950, there were 16 working Americans per retiree; today its three workers per retiree and declining. There are just not enough workers to pay for the future retirees, creating a deficit in 2018 and completely bankrupting the system in 2042. Workers born after 1970 will not receive any benefits without raising taxes by 50 percent or cutting benefits by 30 percent.

"Kerry understood this in 1996 when he proclaimed the system needed reform. Now he has no plan except 19 words calling for a growing economy. No credible person with an understanding of the system, Democrat or Republican, believes this to be true. The demographic shift facing this country is much greater than any economic gain and Kerry knows this but he is simply trying to scare voters.

"Kerry is also claiming that Bush wants to 'privatize' the system, forcing cuts in benefits for current retirees. This is just false. Personal retirement accounts are for younger workers who will not receive benefits under the current system when the system goes bankrupt. This in no way affects any current or immediate future retiree. By allowing younger workers a higher rate of return the system will remain solvent without raising taxes or cutting benefits.

"Kerry's outright misinformation campaign is not leadership. The greatest domestic policy challenge facing this country in the next term is retirement security for older workers without saddling younger workers. Kerry has chosen to outright deceive on the issue and ignores the problems facing the country. It's time he ends this shell game for the good of the American people."

No additional commentary needed.

John Kerry Delenda Est!