Obama Links McCain's Social Security Plan to Crisis (Update1)
By Kim Chipman
Sept. 20 (Bloomberg) -- Barack Obama, in Florida working to woo women voters, assailed rival John McCain's Social Security plan by trying to link it to the worst financial crisis since the Great Depression.
``If my opponent had his way, the millions of Floridians who rely on it would have had their Social Security tied up in the stock market this week,'' Obama, the Democratic presidential nominee, told a crowd of 2,500 today in Daytona Beach. ``Millions would have watched as the market tumbled and their nest egg disappeared before their eyes.''
The McCain camp shot back, accusing Obama of using ``scare tactics'' and distorting the Republican nominee's position. ``John McCain is 100 percent committed to preserving Social Security benefits for seniors, and Barack Obama knows it,'' campaign spokesman Tucker Bounds said in a statement.
McCain, 72, has proposed allowing workers to divert a portion of their Social Security payroll tax to privately held accounts. That approach is similar to a plan President George W. Bush touted in 2005, which Congress refused to enact.
Obama, 47, today vowed to protect Social Security and said half of the country's elderly women would be in poverty without the government retirement program. The Illinois senator is trying to win over more white female voters, a group where his popularity has lagged behind, particularly after McCain picked Alaska Governor Sarah Palin to be his running mate.
Hard-Working Women
``I know how hard the women of this country are working,'' said Obama, who later stressed his commitment to protecting abortion rights and strengthening family related laws. ``I know the anxiety so many of you are feeling right now, as we stand in the midst of the most serious financial crisis of our time.''
Obama also sought to tie the current financial crisis to McCain's views on health-care policy. He cited McCain writing this month in the actuarial journal Contingencies that he supports ``opening up the health insurance market to more vigorous nationwide competition, as we have done over the last decade in banking.''
``So let me get this straight, he wants to run health care like they've been running Wall Street,'' Obama said. ``Well, senator, I know some on Main Street who aren't going to think that's a good idea.''
On Social Security, Obama's speech today coincided with a new campaign advertisement that contends McCain voted three times to privatize Social Security.
Battleground States
Democrats are holding events in battleground states including Pennsylvania and Michigan to highlight their message about McCain and Social Security.
McCain today is attending his 50th college reunion at the Naval Academy in Annapolis, Maryland. He has no public events scheduled.
Obama today also responded to McCain's comments yesterday linking Obama to the financial turmoil because of campaign contributions he's received from executives of Freddie Mac and Fannie Mae, the home-lending giants seized by the government.
``We've heard a lot of words from Senator Obama,'' McCain said. ``Maybe just this once he could spare us the lectures, and admit to his own poor judgment in contributing to these problems,'' the senator said. ``The crisis on Wall Street started in the Washington culture of lobbying and influence peddling, and he was right square in the middle of it.''
Obama fired back by saying McCain ``is a little panicked,'' and pointing out that several of his senior campaign advisers are lobbyists with connections to the mortgage companies.
``There's only one candidate whose campaign is being run by seven of Washington's most powerful lobbyists,'' Obama said. ``And folks, it isn't me.''
Obama said that ``at this point'' McCain ``is willing to say anything, do anything, change any position, violate any principle to try and win this election.''
To contact the reporter on this story: Kim Chipman in Daytona Beach, Florida, at kchipman@bloomberg.net.
Last Updated: September 20, 2008 15:49 EDT |
