Senator Bill Cassidy continues to try to confuse voters on his stance on Social Security . Appearing on WAFB Monday morning, he continued to insist that he never endorsed a risky scheme to privatize Social Security. However, he admitted to the Advocate in an article yesterday that he had at one point favored privatizing Social Security.
"Earlier in the campaign, Cassidy said he favored voluntary privatization because it can offer a greater rate of return on investments . But that may not be viable with the current state of the market, he later added." -The Advocate, October 28, 2008
Though Bill Cassidy now claims to be against privatizing Social Security, last week he accepted an award from an organization who lists privatizing Social Security as one its top priorities. Perhaps this organization was not aware of Bill Cassidy's newfound stance against privatizing Social Security .
"We're glad that Bill Cassidy finally admitted that he favored privatizing Social Security and now realizes that diverting guaranteed benefits into an unpredictable stock market is a risky idea," Cazayoux for Congress spokesman Lewis Lowe said. "But isn't it reasonable to ponder what would have happened if Bill Cassidy's plan had gone through before the recent downturn in the stock market? Trillions of dollars in guaranteed benefits for retired seniors could have been lost."