McCain Versus Obama on Social Security: Obama Needs a Fundraiser, McCain Missing in Action

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Strengthen Retirement Savings

* Reform Corporate Bankruptcy Laws to Protect Workers and Retirees: Current bankruptcy laws protect banks before workers. Obama will protect pensions by putting promises to workers higher on the list of debts that companies cannot shed; ensuring that the bankruptcy courts do not demand more sacrifice from workers than executives; telling companies that they cannot issue executive bonuses while cutting worker pensions; increasing the amount of unpaid wages and benefits workers can claim in court; and limiting the circumstances under which retiree benefits can be reduced.

This sounds good on the surface.  How do you “tell” a company to do this?  Are you saying we will pass a law that will not allow companies to pay executive bonuses while cutting worker pensions?  We think you need to state what you will do?  If you “tell” us to stop drinking wine, I think we would be more likely to laugh at you than cooperate.

* Require Full Disclosure of Company Pension Investments: Obama will ensure that all employees who have company pensions receive detailed annual disclosures about their pension fund’s investments. This will provide retirees important resources to make their pension fund more secure.

Good idea.  How many companies don’t do this already?

* Eliminate Income Taxes for Seniors Making Less Than $50,000: Obama will eliminate all income taxation of seniors making less than $50,000 per year. This will provide an immediate tax cut averaging $1,400 to 7 million seniors and relieve millions from the burden of filing tax returns.

But didn’t you say that raising taxes on those earning over $250,000 would only help a bit?  Wouldn’t cutting taxes now on seniors and applying it for the next ten years, more than offset the gain of an increase in taxes ten years from now that would only help “a bit” by your own words?

* Create Automatic Workplace Pensions: Obama’s retirement security plan will automatically enroll workers in a workplace pension plan. Under his plan, employers who do not currently offer a retirement plan, will be required to enroll their employees in a direct-deposit IRA account that is compatible to existing direct-deposit payroll systems. Employees may opt-out if they choose. Experts estimate that this program will increase the savings participation rate for low and middle-income workers from its current 15 percent level to around 80 percent.

This is insane.  You think this program will increase the savings participation rate from 15 to 80%??  Based on what evidence?  People that cannot afford to contribute won’t.  They will just check the box that says they won’t.  And with you already planning to increase taxes for future generations, will an IRA or 401K help that much?  By then, if the government is taxing the participants at a higher rate when they withdraw the money in their retirement, what is the gain of deferring those taxes?

* Expand Retirement Savings Incentives for Working Families: Obama will ensure savings incentives are fair to all workers by creating a generous savings match for low and middle-income Americans. His plan will match 50 percent of the first $1,000 of savings for families that earn less than $75,000. The savings match will be automatically deposited into designated personal accounts. Over 80 percent of these savings incentives will go to new savers.

Is this money coming from your savings Senator?  This sounds exactly like your health plan.  All promises with absolutely no way to pay for any of it.

* Prevent Age Discrimination: Obama will fight job discrimination for aging employees by strengthening the Age Discrimination in Employment Act and empowering the Equal Employment Opportunity Commission to prevent all forms of discrimination.

So, would that mean you favor McCain for President and your arguments against his health and age are not only discrimination, but against your own promised policies?

Protect and Honor Seniors

·         Ensure Heating Assistance: Obama will increase funding for the Low Income Home Energy Assistance Program (LIHEAP) which helps low-income citizens — many of them seniors — pay their winter heating and summer cooling bills.

Like it Senator, just where do we send the bill?

·         Support Senior Volunteer Efforts: Retired Americans have a wide range of skills and knowledge to contribute to local and national public service efforts. Obama will engage more interested seniors into public service opportunities by expanding and improving programs like Senior Corps to connect seniors with quality volunteer opportunities.

And this pays for their food how?  Will they get a free lunch where they volunteer?

Obama has copped out entirely.  He has said we don’t even address the issue for ten years.  In ten years, even if he were elected to two terms, he would be placing the burden square on the shoulders of his successor, Republican or Democrat.

All his other plans don’t address the central issue and will cost huge amounts of money.  Where will any of it come from?  He doesn’t say.  These are promises without any substance or plan to deliver.  Maybe Obama knows his true plans for how to fund these programs, but he sure isn’t putting it in writing.

We believe this has to be the biggest target drawn on Obama’s back.  His ability to make promise after promise without a single plan for how to pay for it would be our primary argument against him.  We came to Obama’s site to see how he would deal with a financially failing program.  What we found were more programs that will cost money.  Some of these programs may be great, but we have a better one.

Give every American $100,000 a year to live on, except those that make $250,000 a year.   They get it whether they work or not.  Take the $100,000 directly from the paycheck of everyone making more than $250,000 a year until you don’t have anyone making $250,000 or more a year.  Anyone with savings of more than $1 million, should have to deliver the rest to the Federal government to distribute to all other Americans to meet this objective.  Our plan is idiotic, but at least it says how to pay for it!!

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