PA Dems — Toomey: Yeah, My Plan to Privatize Social Security Would Have Been Costly for Pennsylvanians

Harrisburg, PA – Yesterday in an interview, Wall Street derivatives trader Pat Toomey conceded that if he had been successful implementing his plan to put seniors’ retirement savings in the hands of Wall Street bankers, it would have been costly for Pennsylvanians during this difficult economy.

“It’s clear that if Pat Toomey and George W. Bush had been successful in their plan to put Social Security in the hands of Wall Street bankers, it would have been costly for Pennsylvanians,” said Mark Nicastre, a spokesman with the Pennsylvania Democratic Party. “Pat Toomey admitted that in a difficult economy ‘you should be worried’ about his plan to privatize Social Security. Pat Toomey’s risky scheme to put seniors’ retirement savings in the hands of reckless Wall Street bankers is dangerous for Pennsylvanians and even Pat Toomey admits it.”

Toomey: If the Economy is Difficult “you should be worried about this approach.”

“Koppel also pushed back on Toomey’s long-standing and somewhat controversial stance on allowing American employees to invest their Social Security privately. Koppel pressed that if President George W. Bush had been successful in getting such a plan through, people would have lost their savings during this recession.

‘The big question is whether you’re bullish on America,’ Toomey said. ‘If you think in the long run that America is not going to grow, is not going to thrive, then you should be worried about this approach.'” [Morning Call, 9/28/10] (emphasis added)

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