Friday, October 3, 2008 New Obama Social Security ad ‘doubly deceptive

The Obama campaign has a new advertisement attacking Sen. McCain on Social Security and, as with previous ads, finds it wanting. Here's the ad itself:

Announcer: Three years ago John McCain campaigned for George Bush's plan to risk your Social Security in the stock market. And voted three times in favor of privatizing Social Security.

So imagine if McCain and Bush had gotten their way, and invested your future retirement benefits at Lehman  Brothers? Bankrupt. AIG? Bailed out. Merrill Lynch? Sold.

John McCain; The risk is too great, trying four more years of the same.

Obama: I'm Barack Obama, and I approved this message.

FactCheck calls foul on a number of claims:

  • It claims he backed a "plan to risk your Social Security in the stock market." In fact, the plan McCain endorsed in 2005 would have been voluntary, and workers could have put only one-third of their Social Security pension fund taxes into private accounts.
  • The new ad also asks viewers to imagine "your future retirement benefits" invested in Lehman Brothers, AIG or Merrill Lynch, three firms that collapsed recently. In fact, the accounts in the plan McCain backed could not have invested in any of those stocks directly. They would have been allowed to invest only in a few government-run stock or bond funds with risks spread over many companies and industries.

No comments: