Debate Doubletalk: Sununu Dodges Question On Social Security Privatization Despite Over A Decade Of Support For Privatization In Washington
Monday October 20, 2008
Monday October 20, 2008
(Manchester, NH) – In today's AARP debate, John Sununu tried to dodge a direct question about whether he supports Social Security privatization, despite the fact that Sununu has spent over a decade in Washington pushing for the privatization of Social Security. When asked if he supported privatization, yes or no, Sununu would not say "yes," despite the fact that as recently as two weeks ago he defended privatization during the Business and Industry Association debate at St. Anselm College.
"The closer we get to Election Day, the more distance John Sununu tries to put between himself and his record of putting the Wall Street investors who would benefit from privatization ahead of New Hampshire families," said Kate Bedingfield, communications director for Jeanne Shaheen for Senate. "The fact is, John Sununu has been in Congress 12 years pushing for a risky privatization scheme that would line the pockets of Wall Street investment banks while jeopardizing the guaranteed retirement savings of New Hampshire workers."
THE SUNUNU RECORD ON SOCIAL SECURITY PRIVATIZATION
John Sununu Has Taken $1,028,510 From the Securities and Investment Industry That Stands to Earn Enormous Profits from Social Security Privatization. [Center for Responsive Politics]
In the House…
Sununu Co-Sponsored Legislation Requiring Workers Under 55 to Privatize Some of Their Social Security Money (HR 4839, 2000). The Associated Press reported in October 2002 that, "Sununu said he co-sponsored the bill in question to spark debate over fixing the system. The bill would have required workers under 55 to invest some of their Social Security dollars." [Associated Press, 10/15/02]
Sununu Supported National Taxpayers Union Plan for Obligatory Private Accounts. According to the Nashua Telegraph, Sununu replied "yes" to the following statement that appeared in a National Taxpayer's Union questionnaire: "I recognize that Social Security will default on its obligations to future retirees unless fundamental reforms are made. Therefore, I will work and vote for a gradual transition to a system that creates obligatory personally controlled retirement accounts with reasonable safeguards, reduces payroll taxes in order to encourage private saving, provides a modest tax-funded program for low-income seniors and protects the basic benefits promised to current retirees and those who will retire in the next decade." [Nashua Telegraph, 10/3/02]
In the Senate…
Sununu Is Lead Sponsor of S. 857 – A Bill to Reform Social Security by Establishing a Personal Social Security Savings Program and to Provide New Limitations on the Federal Budget.
Sununu Re-Introduced Social Security Privatization Plan to Privatize Half of Benefits. In April 2005, the Union Leader reported that, "John Sununu has become one of the first senators to propose a concrete plan for changing Social Security, re-filing a proposal yesterday that would allow workers under 55 years old to eventually invest more than half of their Social Security payroll taxes through personal savings accounts." [Union Leader, 4/21/05]
Sununu Private Accounts Five Times Bigger Than Those Proposed by Bush. Fortune Magazine reported in February 2005 that, "[Sununu's plan] would deliver those benefits by allowing workers to divert more than 6% of their pay to personal accounts --up to $5,000 a year, five times the figure in the Bush proposal." [Fortune Magazine, 2/7/05]
In the Media…
Sununu an "Enthusiastic Supporter" of Private Accounts. In February 2005, the AP called John Sununu an "enthusiastic supporter" of Social Security private accounts. [AP, 2/20/05]
Sununu Wanted Privatization Enacted Immediately. On CNN in November 2002, the following exchange occurred between Al Hunt and John Sununu: "HUNT: Do you think that Social Security overhaul, partial privatization of Social Security ought to be enacted in this upcoming Congress?
SUNUNU: I'd like to see it enacted in this upcoming Congress." [CNN Novak, Hunt & Shields, 11/9/02]
Sununu Called for Immediate Reform of Social Security "Relying Primarily" on Privatization. The Union Leader reported in January 2004 that, "Sen. John Sununu, R-N.H., joined several other members of Congress yesterday in calling for immediate action to reform Social Security. The group made a vociferous push for personal investment accounts to offset the program's prospective deficits… The goal, he said, is to 'bring the system into balance by relying primarily on the impact of personal investment savings. I believe you can craft legislation that relies primarily on the development of personal accounts,' he said." [Union Leader, 1/22/04]
In February 2005, Sununu Reassured Viewers That He Hadn't Turned on Bush. During an appearance on CBS' Face the Nation, Sununu paused to make sure that viewers were clear he had not turned on President Bush. The following exchange took place between Sununu and host Bob Schieffer:
"SCHIEFFER: Well, let's go back and talk to Senator Sununu about that. You have called yourself--Senator Sununu, you have said the structural weakness of the president's Social Security plan is the greatest long-term threat to the federal budget. Yet critics say that the plan to create these personal savings accounts will cost $1 trillion to $2 trillion down the line and does nothing to resolve the problem of solvency with the system. How do you react to that?
SUNUNU: Well, my criticism was on the structural weakness in Social Security...
SCHIEFFER: Yes.
SUNUNU: ...not the president's plan. And I think...
SCHIEFFER: Well, I--exactly.
SUNUNU: I just want to be clear to my viewers back home. They don't think that I've turned on the president."
[CBS, Face the Nation, 2/27/05]
"The closer we get to Election Day, the more distance John Sununu tries to put between himself and his record of putting the Wall Street investors who would benefit from privatization ahead of New Hampshire families," said Kate Bedingfield, communications director for Jeanne Shaheen for Senate. "The fact is, John Sununu has been in Congress 12 years pushing for a risky privatization scheme that would line the pockets of Wall Street investment banks while jeopardizing the guaranteed retirement savings of New Hampshire workers."
THE SUNUNU RECORD ON SOCIAL SECURITY PRIVATIZATION
John Sununu Has Taken $1,028,510 From the Securities and Investment Industry That Stands to Earn Enormous Profits from Social Security Privatization. [Center for Responsive Politics]
In the House…
Sununu Co-Sponsored Legislation Requiring Workers Under 55 to Privatize Some of Their Social Security Money (HR 4839, 2000). The Associated Press reported in October 2002 that, "Sununu said he co-sponsored the bill in question to spark debate over fixing the system. The bill would have required workers under 55 to invest some of their Social Security dollars." [Associated Press, 10/15/02]
Sununu Supported National Taxpayers Union Plan for Obligatory Private Accounts. According to the Nashua Telegraph, Sununu replied "yes" to the following statement that appeared in a National Taxpayer's Union questionnaire: "I recognize that Social Security will default on its obligations to future retirees unless fundamental reforms are made. Therefore, I will work and vote for a gradual transition to a system that creates obligatory personally controlled retirement accounts with reasonable safeguards, reduces payroll taxes in order to encourage private saving, provides a modest tax-funded program for low-income seniors and protects the basic benefits promised to current retirees and those who will retire in the next decade." [Nashua Telegraph, 10/3/02]
In the Senate…
Sununu Is Lead Sponsor of S. 857 – A Bill to Reform Social Security by Establishing a Personal Social Security Savings Program and to Provide New Limitations on the Federal Budget.
Sununu Re-Introduced Social Security Privatization Plan to Privatize Half of Benefits. In April 2005, the Union Leader reported that, "John Sununu has become one of the first senators to propose a concrete plan for changing Social Security, re-filing a proposal yesterday that would allow workers under 55 years old to eventually invest more than half of their Social Security payroll taxes through personal savings accounts." [Union Leader, 4/21/05]
Sununu Private Accounts Five Times Bigger Than Those Proposed by Bush. Fortune Magazine reported in February 2005 that, "[Sununu's plan] would deliver those benefits by allowing workers to divert more than 6% of their pay to personal accounts --up to $5,000 a year, five times the figure in the Bush proposal." [Fortune Magazine, 2/7/05]
In the Media…
Sununu an "Enthusiastic Supporter" of Private Accounts. In February 2005, the AP called John Sununu an "enthusiastic supporter" of Social Security private accounts. [AP, 2/20/05]
Sununu Wanted Privatization Enacted Immediately. On CNN in November 2002, the following exchange occurred between Al Hunt and John Sununu: "HUNT: Do you think that Social Security overhaul, partial privatization of Social Security ought to be enacted in this upcoming Congress?
SUNUNU: I'd like to see it enacted in this upcoming Congress." [CNN Novak, Hunt & Shields, 11/9/02]
Sununu Called for Immediate Reform of Social Security "Relying Primarily" on Privatization. The Union Leader reported in January 2004 that, "Sen. John Sununu, R-N.H., joined several other members of Congress yesterday in calling for immediate action to reform Social Security. The group made a vociferous push for personal investment accounts to offset the program's prospective deficits… The goal, he said, is to 'bring the system into balance by relying primarily on the impact of personal investment savings. I believe you can craft legislation that relies primarily on the development of personal accounts,' he said." [Union Leader, 1/22/04]
In February 2005, Sununu Reassured Viewers That He Hadn't Turned on Bush. During an appearance on CBS' Face the Nation, Sununu paused to make sure that viewers were clear he had not turned on President Bush. The following exchange took place between Sununu and host Bob Schieffer:
"SCHIEFFER: Well, let's go back and talk to Senator Sununu about that. You have called yourself--Senator Sununu, you have said the structural weakness of the president's Social Security plan is the greatest long-term threat to the federal budget. Yet critics say that the plan to create these personal savings accounts will cost $1 trillion to $2 trillion down the line and does nothing to resolve the problem of solvency with the system. How do you react to that?
SUNUNU: Well, my criticism was on the structural weakness in Social Security...
SCHIEFFER: Yes.
SUNUNU: ...not the president's plan. And I think...
SCHIEFFER: Well, I--exactly.
SUNUNU: I just want to be clear to my viewers back home. They don't think that I've turned on the president."
[CBS, Face the Nation, 2/27/05]
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