Campaign 2010

May 18, 2010

Rick Crawford Wants to Gamble Arkansas Seniors’ Social Security on Wall Street

Newly nominated Republican candidate Rick Crawford has endorsed a dangerous, risky scheme to rob Social Security funds and privatize them in big Wall Street banks.  The plan, still promoted by Republican leaders in Washington, would leave the future of Social Security benefits for seniors up to the whims of the stock market. While benefiting Wall Street’s big banks, the plan would endanger the retirement of Arkansas seniors.

"Arkansas seniors can’t afford to let Rick Crawford and his cronies in Washington and on Wall Street rob their hard-earned Social Security funds and gamble them on the stock market," said Jesse Ferguson, Southern Regional Press Secretary at the Democratic Congressional Campaign Committee. "Rick Crawford is all too happy to sell out Arkansas seniors to big bankers on Wall Street, but we can’t let him. Arkansas families aren’t going to let Rick Crawford take their hard earned Social Security for Wall Street executives to play poker with. This plan is nothing but a risky scheme that would be devastating for Arkansas seniors, and it’s exactly what seniors in Northeast Arkansas can’t afford right now."

BACKGROUND

Crawford supports privatizing Social Security.  [LauranIngram.com, accessed 5/16/10; Rick Crawford for Congress, 3/26/10]

House GOP Leader supports privatizing Social Security. In May 2001, now NRCC Chairman Representative Pete Sessions co-signed a letter to the President’s Commission to Strengthen Social Security urging for privatization. The letter read, "Social Security reform must offer younger workers the opportunity to improve their rates of return using personal retirement accounts." [Rep. Jim DeMint Letter to The Social Security Reform Commission, 5/24/01]

  • Rick Crawford is a part of the National Republican Congressional Committee’s list of “On the Radar” candidates in their Young Gun program.  [NRCC]

House Republican leaders in Washington have re-introduced a plan, sponsored by ranking Republican budget committee member Representative Paul Ryan, that returns to the Bush-era concept of privatizing Social Security in Wall Street accounts. [Center for Budget and Policy Priorities, 3/10/10] In 2005, President Bush went on a 60 stops in 60 days Social Security tour, following him outlining the details of his private account plan in his February State of the Union Address.  [Washington Post, 4/27/05]

 

 

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