Lummis would bankrupt Social Security

I've been reading lots of stories the past couple days about how the Social Security System would have gone into a nosedive if we had sided with George Bush in 2006 and decide to vote for John McCain and Cynthia Lummis in 2008. In the past week, you may have lost some (or a lot of) value in your investments, including your 401(K). And you want to trust these people to handle your retirement?

Here's an update from Bill Luckett at the Wyoming Democratic Party:

In April, Congressional candidate Cynthia Lummis said that on her first day in Congress, she would try to privatize Social Security. Lummis also said she would try to raise the age at which Wyoming’s seniors and people with disabilities are eligible for the guaranteed Social Security benefits on which they depend.

This week, the Dow Jones Industrial Average lost more than 800 points, or more than 7 percent of its value. Privatization replaces the guaranteed floor of economic security with the uncertainty of the stock market. Individuals are free, of course, to invest their personal savings in the stock market – but Social Security guarantees a floor beneath which their fortunes will not fall and in Wyoming, 84,022 count on their earned Social Security benefit every month.

Social Security privatization would cut guaranteed benefits for thousands of future retirees in Wyoming by thousands of dollars, according to a new report released in August by the research arm of the Campaign for America’s Future. The report shows that more than 18,000 older people living in Wyoming would have a greater risk of falling into poverty, each losing more than $130,000 over the course of their lifetimes, by the time a privatization plan is fully implemented.

In addition to the benefits that Social Security provides to Wyoming families, it also provides a stable level of individual income that fuels Wyoming’s economy. Thousands of businesses, and the state government, also depend on the Social Security guarantee. Fully $1 billion in individual income flows into Wyoming’s economy from Social Security each year – roughly $84 million every month.

Again today, Bill Luckett asked Cynthia Lummis a simple question: “Why do you support privatizing Social Security and raising the Social Security retirement age?”

Background:

Planet Jackson Hole: “If you could put one law into effect on your first day of office, with zero opposition, what would it be? Why?

Cynthia Lummis: “I would restrict domestic non-defense discretionary federal spending to inflation minus 1 percent, make the Bush tax cuts permanent, raise the age of social security eligibility for post-draft era Americans, stop raids on the social security trust fund, limit federal Medicaid dollars to current amounts plus 4 percent per year allowing states discretion in crafting their programs, and authorize voluntary personal social security accounts.”
[“In the Hot Seat,” Planet Jackson Hole, 4/09/08]