Isakson argued that gambling seniors’ Social Security benefits on the stock market was something we should “encourage”; Wall Street would make billions in fees at the expense of seniors
ATLANTA – Yesterday 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. But if Senator Johnny Isakson had his way, Georgians would see their Social Security benefits gambled on the stock market while Wall Street would make billions in fees paid by seniors.
“If it was up to Senator Isakson, over a million Georgia seniors would see their Social Security at risk all so Wall Street could make tens of billions in fees paid by those same seniors,” said Dave Hoffman, Jim Barksdale’s Campaign Manager. “Georgia needs a Senator who will stand apart from the crowd and not hurt the retirement security of our seniors.”
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?