For immediate release: September 6, 2012.

NEW KUSTER AD HIGHLIGHTS CONGRESSMAN BASS’S SUPPORT OF PRIVATIZING SOCIAL SECURITY

CONCORD, N.H. – Congressional candidate Annie Kuster released the third ad of her campaign today. The ad, “Janice,” highlights Congressman Bass’s support for privatizing Social Security, which would cost trillions in transition costs and risk the retirement security of our nation’s seniors on Wall Street.

The full ad is available here.

***FULL SCRIPT***

KUSTER: I’m Annie Kuster, and I approve this message.

JANICE KELBLE: For twenty-nine years, I worked the night shift.

My husband and I depend on Social Security.

I think Congressman Bass’s idea to privatize Social Security is a devastating idea.

Bass just wants to risk Social Security in the stock market.

It would cut benefits and add trillions to the debt.

Charlie Bass just plain does not understand the middle class.

He understands the needs of Wall Street.

***SOURCE MATERIAL***

SCRIPT:

JANICE: I think Congressman Bass’s idea to privatize Social Security is a devastating idea. Bass just wants to risk Social Security in the stock market.

SOURCES:

Bass Supported Privatizing Social Security by Letting Workers Invest Their Payroll Tax in the Stock Market. [Project Vote Smart, 2002 National Political Awareness Test; http://www.votesmart.org/candidate/political-courage-test/22216/charlie-bass/]

Bass “Endorsed” Bush Social Security Privatization Plan. The Eagle Times reported in March 2005 that, “U.S. Rep. Charlie Bass, R-N.H., spoke in favor of privatizing a portion of Social Security benefits Wednesday night and asked that voters be patient with the nation’s two major political parties as they spar over the contentious issue. Making appearances in both Claremont and Lebanon, N.H., Bass endorsed President Bush’s proposal for shifting a portion of payroll taxes into private investment accounts, while acknowledging a lot of ground needs to be covered before a vote is taken. … ‘I support the establishment of private savings accounts because it allows low- and middle-income workers the chance to get ahead,’ Bass said.” [Eagle Times, 3/24/05]

Bass Voted in Favor of Social Security Privatization Plan Created by Bush Social Security Commission. [HR 2590, Vote #273, 7/25/01]

2010: Bass Corrected Audience Member Who Claimed He Opposed Privatization. At an event in Brookline on June 3, 2010, Charlie Bass said the following after an audience member accused him of not supporting President Bush’s plan to privatize Social Security: “The fact of the matter is you’re wrong. I did support that.” [Bass Event at Brookline Fire Station, 6/3/10]

SCRIPT:

JANICE: It would cut benefits and add trillions to the debt.

SOURCES:

Center on Budget and Policy Priorities Concluded Benefit Cuts or Higher Taxes Would Result from Privatization. The CBPP reported in June 2005 that, “There are two general ways to fund the transition costs [to social security privatization] if payroll tax revenues are diverted from Social Security to private accounts.

• Cut benefits for current retirees. If transition costs are financed by cutting benefits for current retirees, younger workers would indeed receive higher rates of return when they retired. But in that case, the younger workers would be benefiting from a redistribution from current retirees, who would see their rates of return go down sharply.
• Raise additional resources to pay for current benefits. Alternatively, benefits for current seniors could be maintained and be financed by providing additional resources for Social Security through general revenue transfers that are financed through government borrowing (to be repaid by imposing Social Security benefit cuts on future retirees) or through higher taxes on current workers.” [Center on Budget and Policy Priorities, 6/2/05]

Privatization Plans Would Require Trillions in Transition Costs. To avoid insolvency and restore long-term balance, the plan’s third component consists of the transfer of extremely large sums from the rest of the budget to make up for the losses that Social Security would bear because of the private accounts. These transfers would exceed $2 trillion. [Center on Budget and Policy Priorities, 12/13/2004]

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