Isakson argued for gambling seniors’ Social Security benefits on the stock market, which would generate tens of billions in fees for Wall Street
ATLANTA - This week marked 81 years since the Social Security Act was signed into law, and today the program is crucial to providing retirement security to over 1.1 million Georgia seniors and over 42 million seniors nationwide. Yet Johnny Isakson has fought to privatize Social Security, which would gamble seniors’ benefits on the stock market and allow Wall Street to pocket tens of billions in fees paid by seniors as a result. The financial industry has rewarded Isakson by giving him over $2.3 million in campaign contributions to keep him in Washington, including nearly $500,000 this current election.
“Senator Isakson’s record of taking over $2.3 million from the financial industry and voting to privatize Social Security to send tens of billions in fees paid by seniors to Wall Street shows whose side he is on,” said Dave Hoffman, Jim Barksdale’s Campaign Manager. “If Isakson had his way, over a million Georgians would see their benefits gambled on the stock market, but clearly millions of campaign contributions matter more to him than the retirement security of Georgia seniors. No wonder Wall Street is fighting hard to keep him in Washington so he can keep voting their way.”
In his very first speech on the Senate floor, Isakson argued forcefully for privatizing Social Security as part of a plan the Center on Budget and Policy Priorities said “could lead to the unraveling of Social Security” and would result in a situation in which “millions of middle-income workers would receive little or no Social Security benefits in retirement.”
Yet Isakson said this was a debate “we should embrace” and a plan that “we should encourage.”
While seniors would be hurt if Isakson had his way, Wall Street would be a big winner. The financial industry would have been set to receive as much as $39 billion in fees, much of which would come out of the pocket of seniors who would have to pay Wall Street to manage their retirement accounts.
With multiple public polls showing that Barksdale is within single digits, will Senator Isakson tell Georgians why he continues to vote against OUR SENIORS?