Campaign 2010

Apr 14, 2010

Texas Republicans Back Banker Canseco to Gamble Social Security

Last night, Texas Republicans nominated banker Francisco "Quico" Canseco, with an agenda of privatizing Social Security and gambling seniors’ livelihood on Wall Street, as their candidate for Congress in Texas’s 23rd district. Canseco voiced support for privatizing Social Security during an interview with the Laredo Morning Times prior to President Bush’s national effort to promote the plan. The newly proposed GOP Leadership budget in Washington includes a return to discredited plans to privatize Social Security.

“The Texas Republican Party may want Francisco "Quico" Canseco and his cronies in Washington to gamble their hard-earned Social Security funds on the stock market, but middle-class Texas seniors do not,” said Jesse Ferguson, Southern Regional Press Secretary at the Democratic Congressional Campaign Committee. “As long as Canseco stands up for privatizing Social Security, he remains out-of-touch with Texas seniors who know they can’t afford to risk it.”

The GOP Leadership budget was introduced by ranking Republican budget committee member, Representative Paul Ryan.

Background

Canseco backs privatization. In 2004, “During an interview, Canseco argued for the need to privatize Social Security.”  [Laredo Morning Times, 3/02/04]

Banker. Canseco has been working with Hondo National Bank since 1995, he stepped down from the board in 2007 to run for Congress.  During his 2004 campaign, Canseco touted his banking experience leading to his election to the Hondo National Bank Board of Directors, where he was appointed as Chairman of the Board of the bank’s holding company, Texas Heritage Bancshares.  He reported still collecting a director’s fee from Hondo National Bank on his 2009 personal financial disclosure.  [San Antonio Express-News, 12/09/07; www.cansecoforcongress.com, 2/14/04 (archive.org); 4/13/10; Personal Financial Disclosure, 2009]

The plan, introduced by ranking Republican budget committee member, Representative Paul Ryan, 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]

Had seniors been relying on private social security accounts in the Stock Market during the 2008 collapse, they might have lost nearly 40% of their retirement savings in the 12 months leading up to the collapse.  On October 9, 2007 the Dow Jones Industrial Average closed at 14,164.53.  On October 9, 2008 the Dow Jones Industrial Average closed at 8,579.19.  [History of Dow Jones Industrial Average, http://www.mdleasing.com/djia.htm; http://finance.yahoo.com/q/hp?s=^DJI&a=09&b=9&c=2007&d=09&e=9&f=2008&g=d&z=66&y=198 ]

###