HARRISBURG, Pa: President George W. Bush proposed a risky Social Security privatization scheme that put the financial security of seniors into the hands of Wall Street banks. Wall Street derivatives trader Pat Toomey was one of the President Bush’s loudest cheerleaders. Toomey even said he was “thrilled” by President Bush’s Wall Street scheme when President Bush discussed it in his 2004 State of the Union. With the 75th anniversary of the Social Security Act on Saturday, Pennsylvanians are rightfully nervous about Pat Toomey’s plans to put their retirement savings in the hands of his Wall Street banker friends.
“As we approach the 75th anniversary of Social Security, Pennsylvanians need to know, does Wall Street derivatives trader Pat Toomeny still support President Bush’s Wall Street Social Security scheme?” said Pennsylvania Democratic Party Chairman Jim Burn. “If Pat Toomey had his way, President Bush’s Wall Street Social Security scheme would have decimated the retirement savings of Pennsylvania’s seniors. He fought to put our retirements in the hands of reckless Wall Street traders whose excessive risk taking nearly brought down our economy. We need Social Security to remain strong for many more generations, and we can’t afford to let Wall Street derivatives trader Pat Toomey give the Wall Street Social Security scheme another breath of life.”
Toomey “thrilled” by President Bush’s Wall Street Social Security Scheme
“I have been arguing for many years in favor of Social Security personal retirement accounts. We must make meaningful reforms to Social Security to ensure its future solvency and to enable Americans to accumulate savings. I’m thrilled that the President is taking up this critical issue,” Toomey said. (Press Release, January 20, 2004)

WASHINGTON, DC — U.S. Rep. Pat Toomey, R-PA, released the following statements Tuesday in response to President George W. Bush’s State of the Union address:  
“I was one who led the fight for President Bush’s tax cuts, and I’m pleased that they helped stimulate our economy.  We must stay the course on reducing Americans’ tax burden,” Toomey said.   
Congressman Toomey applauded President Bush for his commitment to reform Social Security, a cause which Representative Toomey has long championed. 
 “I have been arguing for many years in favor of Social Security personal retirement accounts.  We must make meaningful reforms to Social Security to ensure its future solvency and to enable Americans to accumulate savings.  I’m thrilled that the President is taking up this critical issue,” Toomey said. 
President Bush also highlighted the need for medical liability reform, which Congressman Toomey has authored legislation to address. 
 “Medical malpractice lawsuits are out of control, diverting precious resources away from quality health care and into litigation.  The exodus of physicians from Pennsylvania in recent years has reached a crisis level.  President Bush’s call for medical malpractice reform tonight should serve as an impetus to bring critical relief to Pennsylvania patients.” 
Representative Toomey also commended President Bush for his leadership in the war on terrorism. 
“The war on terrorism will take many years to win, but we are making progress, notably including the capture of Saddam Hussein.  The stakes are too high for our country to weaken its resolve.  The President has not weakened his resolve, and I commend him for his leadership.”