Walberg Lies About Support for Privatizing Social Security

WALBERG LIES ABOUT SUPPORT FOR PRIVATIZING SOCIAL SECURITY AT ADRIAN DEBATE
Schauer has a clear record of fighting to protect guaranteed Social Security benefits

BATTLE CREEK—During last night’s debate at Siena Heights University in Adrian, Congressman Tim Walberg once again lied about his stance on Social Security, saying, “I have never taken a position to privatize Social Security.” In fact, less than a month ago Walberg told the Jackson Citizen Patriot that he, “supports giving future workers the option of saving part of their payroll taxes in personal accounts.” [Citizen Patriot, 9/9/08]

Such a policy would slash benefits by more than 40 percent for future retirees, replace guaranteed Social Security benefits with risky private accounts, drain trillions of dollars from the Social Security Trust Fund, and increase America’s debt to foreign nations by about $5 trillion over 20 years. [http://www.cbpp.org/12-17-04socsec.pdf; http://www.cbpp.org/5-1-06socsec.htm]

“Tim Walberg can call it whatever he wants, but the bottom line is that private accounts would effectively kill Social Security as we know it,” said Schauer spokesman Zack Pohl. “At a time when the financial meltdown has cost more than $2 trillion in lost retirement funds, working families and seniors can’t afford to put Wall Street CEOs in charge of our Social Security benefits.”

Background:

Walberg also supported private accounts for Social Security during his 2006 campaign: "I support efforts to expand our ownership society by allowing younger workers to voluntarily invest a portion of their payroll taxes and allowing the money to be secured in personal investment accounts. Once the system is fully transitioned into personal investment accounts, the system will involve real savings and real rates of return.” [Detroit News, 7/17/06]

Walberg has received more than $1 million in campaign support from the extreme Club for Growth, a group that also supports personal retirement accounts for Social Security. [Club for Growth Press Release, 8/8/06; www.clubforgrowth.org/about.php]

In March 2005, Vice President Dick Cheney visited Battle Creek to support President Bush's plan to privatize Social Security. That same week, Sen. Schauer hosted a town hall meeting with Congressman Sandy Levin to oppose Bush's privatization efforts. [http://www.woodtv.com/Global/story.asp?S=3122588&nav=0RceXskT]

According to the Social Security Office of Policy Data, there are roughly 126,552 seniors in the 7th district who receive Social Security benefits. [http://www.socialsecurity.gov/policy/docs/factsheets/cong_stats/2007/]

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