AARP Launches $5 Million Campaign Criticizing Bush Social Security Plan
The powerful retirement group takes another step as it lobbies against privatization.
By Abigail E. La Croix
January 10, 2005- The American Association of Retired Persons (AARP) last week launched a $5 million print ad campaign to express its position that Personal Retirement Accounts will hurt millions of Americans who rely on Social Security as their only source of retirement income.
"Winners and losers are stock market terms. Do you really want them to become retirement terms?" asks one ad. Another depicts a man and woman in their early 40’s saying, "There are places in retirement planning for risk. Social Security is not one of them."
The ads, which address a key component of President Bush’s economic plan, began appearing last Tuesday in 53 daily newspapers including the Wall Street Journal and Washington Post, and six publications targeted at members of Congress, such as The Hill and Roll Call News. They will continue into next week.
While the AARP agrees that Social Security needs to be revamped, it does not believe the creation of Personal Retirement Accounts (PRAs) is the answer, said Evelyn Morton, the AARP’s national coordinator for economic issues. The AARP has roughly 35.5 million members.
Dick Armey, former House Majority Leader and co-chairman of FreedomWorks, an advocacy group, expressed his disappointment about the organization’s ads.
"It’s unfortunate that the AARP is attacking personal accounts," Armey said in a statement. FreedomWorks is planning to launch a "grassroots campaign" of its own to encourage Congress to ignore the AARP and make PRAs part of Social Security this year, he added.
Personal accounts have already benefited retirees who invest in the U.S. Federal Thrift Savings Plan, which functions like a private account for federal employees, Armey said. He noted that several foreign countries are using PRAs, and said that now is the time to implement such programs in the United States.
The AARP first came out against PRAs in November. The print campaign launched last week is only a first step, Morton said.
For related stories go to:
AARP Gives Thumbs Down to Privatization of Social Security: Meanwhile, some support additions to the program rather than replacements.
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