FACT CHECK: Young Supported Privatizing Social Security, Creating A “Windfall” For Wall Street

Congressman Young voted at least four times against stating that Social Security should never be privatized. Young’s vote could allow our social security money to be funneled into private accounts, where Wall Street firms could reap billions in fees. He is also on record calling Social Security a “Ponzi scheme.” You can review the video here.

BACKGROUND:

YOUNG VOTED AGAINST PROTECTING SOCIAL SECURITY FROM PRIVATIZATION…

2012: Young Voted Against The FY 2013 Democratic Budget, Which Stated That Social Security Privatization Should Be Rejected.. [House Vote 150, 3/29/12; House Budget Committee Democrats, 4/15/11]

2012: Young Voted Against Stating That Congress Should Not Privatize Social Security. [Congressional Quarterly, 3/21/12; Congressional Actions, H. Con. Res. 112]

2011: Young Voted To Oppose Preventing The Privatization Of Social Security. [House Vote 276, 4/15/11; Congressional Record, 4/15/11]

2011: Young Effectively Voted Against Stating That Any Social Security Overhaul Should Reject Privatization. [Congressional Quarterly, 4/6/11; Congressional Actions, H. Con. Res. 34

…WHICH COULD ALLOW WALL STREET TO REAP BILLIONS IN FEES AS SOCIAL SECURITY WAS FUNNELED INTO PRIVATE ACCOUNTS

Wall Street Firms Could Reap Billions In Management Fees If Social Security Taxes Were Funneled Into Private Accounts. [Los Angeles Times, 1/18/05]

Privatizing Social Security Could Be A Windfall For Wall Street, Generating Billions In Fees. [NBC News, 12/28/04]

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