Kay's New Ad "Market" Illustrates Desctructive Nature of Bush-Dole Plan to Privatize Social Security

October 14, 2008

GREENSBORO, N.C. - State Senator and U.S. Senate Candidate Kay Hagan (D-Guilford) released a new ad that contrasts her ideas for Social Security with those of her opponent, Elizabeth Dole. The spot describes the position millions of senior citizens would find themselves in after the markets tumbled had the Bush-Dole privatization scheme passed. “Market” began running on stations across the state today.



“Kay is dedicated to protecting the Social Security system and recognizes it as a cornerstone of American society,” said Hagan Campaign Communications Director Colleen Flanagan. “Elizabeth Dole campaigned to privatize Social Security, both when she ran for president as a Kansan and during her first bid for U.S. Senate. But imagine where millions of senior citizens would be now, given the current turmoil in the financial markets. It is estimated that trillions of dollars in retirement funds have been lost. In the U.S. Senate, Kay will look out for North Carolina’s 1.1 million senior citizens so that they are able to retire with the dignity and respect they deserve.”

Elizabeth Dole has repeatedly voted against protecting Social Security including a 2005 vote to raid the Social Security Trust Fund in order to pay for President Bush’s privatization plan. In 2003, she voted to allow using the Trust Fund to pay off the national debt. And during her six years in the Senate, Dole has continually voted to prioritize Bush tax cuts for the wealthy over ensuring the solvency of Social Security for future generations of seniors. Dole is such a staunch advocate of privatization that President Bush took her on his 2005 tour to use her as a model for how politicians can campaign on the privatization platform.

Kay recently held a press conference in Raleigh to highlight her opposition to privatization when she unveiled her “Speaking Out for Our Seniors” policy as a part of her “Best Interests, Not the Special Interests” tour. That plan can be found at kayhagan.com and “Market” can be viewed at http://www.youtube.com/watch?v=0Kg3BqzuMMs.

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“Market”
Hagan Senate Committee, Inc.
0:30 TV
10/14/08

TRANSCRIPT	FACTS
Narrator: Two trillion dollars … lost. Text: $2 trillion lost on wall street Narrator: It could have been your Social Security check.	Investors Lost More Than $2 Trillion In One Week. For the week, investors lost $2.4 trillion, and over the past year, the losses have piled up to $8.4 trillion. [Associated Press, 10/10/08] Americans’ Retirement Lost $2 Trillion Over 15 Months. In October 2008, the Washington Post reported, “The stock market's prolonged tumble has wiped out about $2 trillion in Americans' retirement savings in the past 15 months, a blow that could force workers to stay on the job longer than planned, rein in spending and possibly further stall an economy reliant on consumer dollars, Congress's top budget analyst said yesterday.” [Washington Post, 10/8/08]
Narrator: Elizabeth Dole voted for George Bush’s Social Security privatization plan that risks our guaranteed monthly benefit on Wall Street. Text: Dole voted with Bush to privatize Social Security Dole and Bush risking our benefits Source: Vote 68, 3/16/06; Vote 93, 3/25/03	“Like President Bush,” Dole Supports Partial Privatization. Discussing privatization in September 2002, the Charlotte Observer wrote, “Dole, like President Bush, supports a partial investment program.” [Charlotte Observer, 9/17/02] March 2006: Dole Voted To Raid Social Security Trust Fund In Order To Pay For Privatization. In March 2006, 46 Republican Senators, including Dole, voted to raid the Social Security trust fund in an effort to advance President Bush’s unpopular plan to privatize Social Security. The GOP’s privatization proposal would shift Social Security’s annual surpluses into a reserve account intended to be turned into risky private accounts. Max Baucus noted, “This is privatization of Social Security pure and simple.” [Vote 68, 3/16/06; Baucus, Floor Speech, 3/16/06] March 2003: Dole Voted With Bush Against Cutting Bush Tax Cuts To Social Security Reserve And Deficit Reduction. In 2003, Dole voted against cutting Bush’s proposed $726 billion tax cut in half, to $350 billion, and allocate the funding to a new Social Security reserve account and deficit reduction. The amendment would reduce tax cuts in the resolution to $350 billion and allocate $120 billion of the subsequent increased revenues toward a new Social Security reserve account, with the remainder going toward deficit reduction. President Bush took an official position and opposed this measure, and Dole voted with the president’s position. [Vote 93, 3/25/03] Dole Was “Steadfast In Her Support” Of Bush’s Privatization Plan And Claimed It Wouldn’t Affect Current Beneficiaries. In 2005, Gannett News Service reported, “Dole, who campaigned on creating privately managed Social Security accounts, is steadfast in her support of the president's plan. Creating such accounts, Dole said, won't ‘affect ... people who are drawing benefits now -- retirees or near retirees. But if you are a senior citizen and you have a grandson or granddaughter who'd like to voluntarily take a small part of that payroll tax and put it into a diversified account ... it's going to be a nest egg that's going to grow.’ [Gannett News Service, 4/15/05]
Narrator: Just another example of Senator Dole putting the special interests before us. Text: Dole puts special interests before us.	On The Banking Committee, Dole Made No Remarks And Asked No Questions During At Least 61 Hearings. As a member of the Senate Committee on Banking, Housing, and Urban Affairs, Elizabeth Dole made no remarks and asked no questions of witnesses at 61 hearings that the committee or its subcommittees that she was a member of held. [CQ, Congressional Transcripts, Accessed 9/15/08] Dole Introduced Bill To Reduce Regulation Of Financial Institutions. In March 2008, Dole introduced the Regulatory Relief and Fairness Act, which is “a bill to reduce the report and certification burdens for certain financial institutions.” The bill sought to ease regulations found in sections 302 and 404 of the Sarbanes-Oxley Act of 2002. [S 2703, Introduced 3/5/08] Sections 302 and 404 Held Businesses and Executives Accountable. Gavin Hinks, the editor of Accountancy Age wrote, “The parts [Dole] mentioned were section 404 ¬the bit about having auditors verify that you have decent internal controls and section 302, the part that says CEOs and CFOs should certify that they have checked the internal controls. If they don't they could go to jail.” [Accountancy Age, 3/14/08] Bear Stearns PAC Gave Dole $2,500 Six Days After Introducing De-Regulation Legislation. [S 2703, Introduced 3/5/08; Center for Responsive Politics, Accessed 9/25/08] 3 days Later: Bear Stearns Collapsed. [Associated Press, 3/14/08] Bear Stearns Confirmed FBI Probe Into Lending Practices Including Accounting Fraud Five Days Later. [Washington Times, 3/19/08] Dole Has Accepted $2.7 Million From Lobbyists and Special Interests. Since Dole first started running for Senate in 2001, she has taken $2,752,300 from lobbyists and special interests, according to the Center for Responsive Politics. In her 2002 campaign for Senate, Dole accepted $1,433,600 from political action committees, not including ideological committees. Since 2003, Dole has accepted $1,051,755 from political action committees, not including ideological committees. Over the course of her career in the U.S. Senate, Dole has taken $266,945 from lobbyists. [Center for Responsive Politics Dole 2002 campaign profile, 8/21/08; Center for Responsive Politics Dole PAC contributions, 10/7/08; Center for Responsive Politics Dole lobbyist contributions, 10/7/08] Dole Has Voted To Protect Tax Breaks Or Incentives For Big Oil At Least 8 Times. Since coming to Congress, Dole has voted at least 9 times to protect billions of dollars in tax breaks and subsidies for oil companies already reaping record profits. [Vote 146, 6/10/08; Vote 222, 6/21/07; Vote 118, 5/11/06; Vote 331, 11/17/05; Vote 332, 11/17/05; Vote 341, 11/17/05; Vote 213, 7/29/05; Vote 89, 5/11/04] Dole Has Received $291,756 From The Oil & Gas Industry. Since Dole first started running for Senate in 2001, Dole has received $291,756 from the oil and gas industry. [Center for Responsive Politics, 8/21/08] Dole Voted Against Re-Importation. In May 2007, Dole voted against allowing the importation of safe, affordable prescription drugs from Canada. The amendment would have allowed the importation of drugs if imported by a registered importer or by an individual for personal use from a registered exporter from Canada, the European Union, Australia, New Zealand, Switzerland, Japan, and other countries designated by the HHS Secretary if such importation did not adversely affect public health. Unlike Dole, sixteen Republican senators voted to invoke cloture on the bill. [Vote 150, 5/3/07] Dole Voted Against Allowing Medicare To Negotiate For Lower Drug Prices Four Times. In the U.S. Senate, Dole has voted against allowing Medicare to negotiate for lower drug prices four times since 2005. [Vote 132, 4/18/07; Vote 50, 3/15/06; Vote 302, 11/3/05; Vote 60, 3/17/05] Dole Has Accepted $217,187 From The Pharmaceutical Manufacturing Industry. Over the course of her career, Dole has accepted at least $217,187 from the pharmaceutical manufacturing industry. [Center for Responsive Politics, 8/21/08]
KRH: Social Security promises a guaranteed benefit for retirement. That’s why we have to strengthen it - not risk our savings in today’s stock market. I’m Kay Hagan and I approve this message because seniors deserve the security they’ve been promised. Text: Kay Hagan Strengthen Social Security Not Risk our Retirement	Hagan Will Protect Social Security for Today’s Seniors and Future Generations. According to Kay Hagan’s Seniors policy, “Social Security has been a vital safety net for America’s seniors for over 70 years, and Kay will forcefully oppose any efforts to privatize Social Security…Kay recognizes that Congress will not be able to develop a long-term solution to Social Security without slashing wasteful spending, demanding enforcement of pay-as-you-go rules, and closing tax loopholes for big, multinational corporations so that we can stop borrowing hundreds of billions of dollars from foreign countries. The financial crisis on Wall Street demonstrates the danger of gambling seniors’ Social Security money in the volatile financial markets.” [Hagan seniors policy, 10/3/08] Social Security Provides A Guaranteed Benefit. According to the Wilmington Star-News, “The Social Security votes indicate solving the system's problems won't be easy…Nearly everyone wants to keep Social Security's current structure, including guaranteed benefits.” [Wilmington Star-News, 4/22/05]

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