NEW DSCC AD: Pat Toomey Hasn’t Stopped Working for Wall Street

V/O: When Pat Toomey went to Washington, he didn’t stop working for Wall Street.

GFX: Pat Toomey

V/O: Toomey’s plan would risk Social Security on the stock market…

GFX: Risk Social Security

TOOMEY PROPOSED PRIVATIZING SOCIAL SECURITY

In His Book, Toomey Proposed Allowing Workers To Pay Into Personal Retirement Accounts Instead Of Social Security. “But younger workers should be given a choice. Those who would prefer to stay in the current system should be allowed to do so. If they don’t mind the lousy returns, the lack of ownership, and the risk of losing it all in the event of premature death, that’s their prerogative. Others, however, should be free to deposit a portion of the payroll taxes they already pay into a personal savings account instead of sending their hard-earned money to Washington.” [The Road to Prosperity, Pat Toomey, Page 129]

·        Chapter 6 Of Toomey’s Book Was Titled “Transforming Social Security.” [The Road to Prosperity, Pat Toomey, Page 121]

·        Pittsburgh Post-Gazette: Toomey “Devoted” A Chapter In His Book, Road To Prosperity, To Shift Retirement Funds To Private Or Personal Accounts.  “Democrats have repeatedly criticized Mr. Toomey for a statement at the Harrisburg Press Club last month in which he denied ever having advocated the ‘privatization of Social Security.’ That statement may seem at odds with Mr. Toomey’s long and outspoken advocacy of a shift from the current system to one that would allow workers to invest their own retirement funds in private or personal accounts. […] Mr. Toomey has not modified his position that such a change is essential given the projected shortfalls in the massive retirement program. In his 2008 book, ‘The Road to Prosperity,’ written with his campaign communications director Nachama Soloveichik, he devotes a chapter to his vision for the system, one that he reaffirmed in a recent interview. Mr. Toomey would retain the current system and promised benefit levels for current beneficiaries and those close to retirement.” [Pittsburgh Post-Gazette, 9/6/10]

Scranton Times-Tribune: Toomey Defended His Proposal To Change Social Security “With A Form Of Privatization.”  “Republican U.S. Senate candidate Pat Toomey defended his proposal Thursday to ensure Social Security’s future with a form of privatization and accused Democrat Joe Sestak of distorting his position. […] Mr. Toomey would allow younger workers to voluntarily divert a portion of their Social Security pay-roll tax into private savings accounts they would control and invest any way they want. A young worker who did not want to do that could stay with the current system of a guaranteed benefit. ‘Over the course of 45 years or so, the accumulated savings from putting a little bit of money away every week or every month for 45 years would add up to a very significant nest egg, and that could form the basis of a very significant portion of their retirement,’ he said.” [Scranton Times-Tribune, 10/8/10]

Pittsburgh Post-Gazette Editorial: “Then, As Now, [Toomey] Supported Privatizing Parts Of Social Security.” “In October 2010, the Pittsburgh Post-Gazette Editorial board wrote “Pennsylvanians are not likely to find a more high-contrast choice Nov. 2 than in the race for U.S. Senate. Republican Pat Toomey and Democrat Joe Sestak are vying for the seat held by Arlen Specter for the last 30 years. […] In 1998 he won a seat in the U.S. House and served for three terms. Then, as now, he supported privatizing parts of Social Security, a flat income tax of 17 percent and corporate taxes that are as low as possible. He believes the new health insurance law should be repealed and replaced by a modest program of tort reform, competition among insurance companies and health savings accounts in which families would set aside tax-deductible dollars to pay for their insurance.” [Pittsburgh Post-Gazette, Editorial, 10/17/10]

V/O: …lining bankers’ pockets with fees out of our benefits that could total billions – even if the market crashes and seniors lose everything.

GFX: Billions in Fees

PRIVATIZATION OF SOCIAL SECURITY WOULD PUT HUNDREDS OF BILLIONS OF DOLLARS IN THE POCKETS OF WALL STREET IN FEES FROM INDIVIDUAL ACCOUNT BALANCES

Los Angeles Times: University Of Chicago Study Said Social Security Privatization “Could Generate Fees For The Financial Industry Worth $940 Billion.” “The issue of Wall Street fees has become a hot button for groups on both sides of the debate. Financial companies betray ‘an enormous conflict of interest’ if they support private accounts, said Bill Patterson, director of investments at the AFL-CIO. ‘This is driven by fees.’ Financial companies betray ‘an enormous conflict of interest’ if they support private accounts, said Bill Patterson, director of investments at the AFL-CIO. ‘This is driven by fees. ‘A study last year by University of Chicago economics professor Austan Goolsbee asserted that the accounts could generate fees for the financial industry worth $940 billion, in current dollars, over 75 years.” [Los Angeles Times, 1/18/05]

Securities Industry Association Said Wall Street Would Make As Much As $279 Billion In Fees From Social Security Privatization. “No one knows whether workers would prosper in private Social Security accounts, but financial firms would likely pull in big bucks… The Securities Industry Association calculated that the plan would generate at most $279 billion in fees, or about 8.6 percent of the $3.3 trillion in the financial sector’s total revenues, over 75 years.” [Newsday, 2/20/05]

NCPSSM: Privatization Of Social Security Would Lead To “Wall Street Brokers And Fund Managers […] To Make Billions Of Dollars Of Year.” “Right now, Social Security provides a guaranteed income, paying benefits every month for life, with increases for inflation. After adjusting for risk, Social Security has a rate of return equal to that of any mix of financial assets in private accounts. […] Wall Street brokers and fund managers would stand to make billions of dollars a year thanks to privatization, so it’s no surprise that they strongly support the privatization movement!” [National Committee to Preserve Social Security & Medicare, Accessed 6/11/16]

·        NCPSSM: Under Privatized Social Security, “Commissions And Fees Could Easily Burn Up As Much As 15 Cents Out Of Every Dollar Of A Workers Annual Investment.” “Administrative costs for Social Security are very low – less than 1% of the program’s budget. Diverting money to the stock market would incur the very high costs of brokers’ commissions, mutual fund management fees, and other expenses inherent in buying and selling stocks and bonds. Small investment accounts are very expensive to administer. Commissions and fees could easily burn up as much as 15 cents out of every dollar of a worker’s annual investment as they do in some countries with privatized systems.” [National Center to Preserve Social Security and Medicare, Accessed 8/11/16]

The Century Foundation: Wall Street Brokers, Banks, And Mutual Funds Would Gain “Enormous Fees” Under Private Social Security Accounts, Where The Fees Would Come From “The Balances From The Individual Accounts.” “Brokerage houses, banks, and mutual funds have been very active in the campaign to privatize Social Security. Small wonder, since they stand to gain enormous fees if billions of dollars are shifted each year from Social Security payments into accounts under Wall Street management. Of course, those fees must come from somewhere, namely from the balances in individual accounts.” [The Century Foundation, 12/14/04]

York Daily Record Editorial: “He [Toomey] Wants To Put Social Security In The Hands Of His Former Colleagues In The Old Derivatives Dice Game.” “He’s not even gone yet, and we already sort of miss Arlen Specter. Yes, he’s a slippery fish, a ‘typical politician’ whose main allegiance seemed often to himself. But he was truly a moderate representing a moderate state. He drove his party leaders (on both sides of the aisle) crazy with his centrist voting record. […] You might think Mr. Toomey would be that guy. He is the Republican, after all. But he’s even more partisan and extreme than former Sen. Rick Santorum, who became a kind of ultra-conservative caricature until finally being unseated by the moderate Bob Casey Jr. Pat Toomey seems far more allied with the Wall Streeters, whose greed and irresponsibility helped wreck our economy, than with Main Street business people and small town citizens. He wants to put Social Security in the hands of his former colleagues in the old derivatives dice game. He’s actively worked to purge centrist Republicans from the GOP during his time with the Club for Growth. He’s even a global warming denier, for goodness sake. You don’t need to read between the lines on his furrowed brow. His intention to make a wrenching, hard-right turn is evident.” [York Daily Record, Editorial, 10/26/10]

Investment Operating Fees Are Assessed Regardless Of Performance. “Mutual funds provide investors with professional management, but it comes at a cost. Funds will typically have a range of different fees that reduce the overall payout. In mutual funds, the fees are classified into two categories: shareholder fees and annual operating fees. The shareholder fees, in the forms of loads and redemption fees, are paid directly by shareholders purchasing or selling the funds. The annual fund operating fees are charged as an annual percentage – usually ranging from 1-3%. These fees are assessed to mutual fund investors regardless of the performance of the fund. As you can imagine, in years when the fund doesn’t make money, these fees only magnify losses.” [Investopedia, Accessed 8/8/16]

V/O: Katie McGinty is working for us.

GFX: Katie McGinty

V/O: A mother of three and ninth of ten kids, McGinty knows what matters. She’ll fight for equal pay…

GFX: Equal Pay

V/O: …affordable college…

GFX: Affordable College

MCGINTY IS A MOTHER OF THREE & THE NINTH OF TEN KIDS

McGinty Was The Ninth Of Ten Children And The Mother Of Three Daughters. “McGinty, 52, has a long professional resume in state and federal government, a degree in chemistry from St. Joseph’s University and a law degree from Columbia University. The ninth of 10 children, she grew up in Philadelphia, the child of a police officer, and became the first in her family to go to college. She lives in Wayne, Chester County, with her husband and three teenage daughters, two of whom she adopted as orphans in India while she was there for a year as an energy-research fellow.” [WTAE, 2/27/16]

MCGINTY PLEDGED TO END GENDER DISCRIMINATION IN PAY

McGinty Released Agenda For Women And Working Families, Highlighted Fact That “Women Continue To Earn Less Than Their Male Colleagues For Doing The Same Work. “Today Katie McGinty released her ‘Agenda for Women and Working Families,’ because there is no doubt that Pennsylvania women and working families are struggling to get ahead. Today Katie McGinty released her ‘Agenda for Women and Working Families,’ because there is no doubt that Pennsylvania women and working families are struggling to get ahead. The cost of living has increased while real wages have not. Women continue to earn less than their male colleagues for doing the same work, and families are too often forced to choose between paying for childcare and paying the rent or mortgage.” [McGinty for Senate, Press Release, 3/8/16]

McGinty’s Agenda For Women And Working Families Including Ending “Gender Discrimination And Pay” And Statement That McGinty Would “Fight To Pass The Paycheck Fairness Act In The Senate.” “End Gender Discrimination in Pay. It is 2016, and women are still paid less than men for doing the same job. It is illegal to pay women less but it still happens. In Pennsylvania, women earn 79 cents for every dollar paid to men—and it is even worse for women of color—African American women make 68 cents and Latinas earn 56 cents for every dollar paid to white, non-Hispanic men doing the same job. In the Senate, Katie will fight to pass the Paycheck Fairness Act. Step one to ensuring equal pay for women is transparency. The bill will bar employers from retaliating against employees who talk about their pay.” [McGinty for Senate, Press Release, 3/8/16]

·        Paycheck Fairness Act Would Work To Narrow The Wage Gap By Updating The Equal Pay Act. “More than fifty years ago, President Kennedy signed the Equal Pay Act (EPA) into law, making it illegal for employers to pay unequal wages to men and women who perform substantially equal work. At the time of the EPA’s passage in 1963, women earned merely 59 cents to every dollar earned by men. Although enforcement of the EPA as well as other civil rights laws has helped to narrow the wage gap, significant disparities remain and need to be addressed. Today, women make, on average, only 78 cents for every dollar earned by men. The Paycheck Fairness Act, introduced in both the House (H.R. 1619) and the Senate (S. 862), would update and strengthen the EPA in important ways, including:  Improving Equal Pay Act Remedies The Act toughens the remedy provisions of the EPA by allowing prevailing plaintiffs to recover compensatory and punitive damages. The EPA currently provides only for liquidated damages and back pay awards, which tend to be insubstantial. The change would put gender-based wage discrimination on an equal footing with discrimination based on race or ethnicity, for which full compensatory and punitive damages are already available.” [National Women’s Law Center, 5/29/15]

MCGINTY PLEDGED TO FIGHT FOR AFFORDABLE COLLEGE

McGinty: “I Will Work To Put A Lid On Escalating Costs, Support The Refinancing f Student Loan Debt And Give Middle Class Families The Break They Need To Afford Education. “‘Higher education should be available to every qualified student willing to work for it, whether they are attending a four-year university or a trade school.  However, soaring costs and insufficient financial aid is preventing too many qualified students from getting the education and training they need to succeed,’ said McGinty.  ‘As Senator, I will work to put a lid on escalating costs, support the refinancing of student debt and give middle class families the break they need to afford education. I will ensure that everyone willing to put in the hours can have the same opportunity I had to get an education.’” [McGinty for Senate, Press Release, 12/1/15]

AFT Pennsylvania Endorsed McGinty, Citing Her Record Of “Fighting” For “Affordable, Accessible Colleges And Universities.” “AFT Pennsylvania has endorsed Katie McGinty for U.S. Senate in the Democratic Primary Election. A vote by AFTPA’s Executive Council was unanimous. ‘Katie McGinty stands solidly with working Pennsylvanians and is committed to rebuilding the middle class,’ said AFT Pennsylvania President Ted Kirsch. ‘She has a record of fighting for stable, adequate funding for our public schools and affordable, accessible colleges and universities. She’s a strong advocate for affordable healthcare, job training and apprenticeship programs. She is committed to sustaining our Social Security and Medicare programs, and she supports raising the minimum wage. Katie McGinty is the best choice for Pennsylvania because understands that these policies are essential to helping families achieve the American dream,’ Kirsch added.” [AFT Pennsylvania, Press Release, 1/8/16]

V/O: …and she’ll always protect Social Security.

GFX: Katie McGinty: Working for Pennsylvania

MCGINTY PLEDGED TO & WAS BACKED BY SENIORS GROUPS FOR HER COMMITMENT TO PROTECTING SOCIAL SECURITY

Beaver County Times: McGinty Unveiled “A Plan To Fight For Social Security And Medicare” And Against Policies That Would Threaten Both. “Democratic U.S. Senate candidate Katie McGinty is taking her election bid straight to older Pennsylvanians, unveiling a plan to fight for Social Security and Medicare while charging that U.S. Sen. Pat Toomey’s policies threaten both. ‘The government needs to make good on its promises,’ McGinty told Calkins Media on Tuesday, saying the state’s estimated 2 million seniors contributed to Social Security for decades and should be able to rely on it now.” [Beaver County Times, 8/2/16]

·        Headline: “Courting Pennsylvania’s Seniors, Katie McGinty Vows To Protect Social Security, Medicare” [Beaver County Times, 8/2/16]

The National Committee To Preserve Social Security And Medicare Endorsed McGinty. “Today, at a roundtable with retired teachers and seniors, the National Committee to Preserve Social Security and Medicare’s President and CEO Max Richtman announced that the NCPSSM has endorsed Katie McGinty in the Democratic primary for U.S. Senate.” [McGinty for Senate, Press Release, 4/19/16]

·        NCPSSM President And CEO: “Katie Will Be An Ally To Seniors, And Will Not Waver In Her Commitment To Defending And Strengthening Social Security And Medicare.” “‘The National Committee to Preserve Social Security and Medicare is proud to endorse Katie McGinty for United States Senate,’ said NCPSSM President and CEO Max Richtman. ‘For too long, Senator Pat Toomey has been willing to balance the budget on the backs of the seniors who worked long and hard to earn their retirement. This is unacceptable. As Senator, Katie will be an ally to seniors, and will not waver in her commitment to defending and strengthening Social Security and Medicare.’” [McGinty for Senate, Press Release, 4/19/16]

Senior Votes Count! Endorsed McGinty As The Only Candidate “Pennsylvania Seniors Can Trust To Protect And Strengthen Medicare.” “Today, Senior Votes Count! announced its endorsement of Katie McGinty in her race against Joe Sestak and John Fetterman for the Democratic U.S. Senate nomination in Pennsylvania. Senior Votes Count! co-founder Jon “Bowzer” Bauman highlighted that McGinty is the only candidate in the race who Pennsylvania seniors can trust to protect and strengthen Medicare and Social Security.” [Seniors Votes Count!, Press Release, 4/4/16]

·        Senior Votes Count President: McGinty Was “The Clear Choice For Pennsylvania Seniors” And Would “Stand With Pennsylvania Senors To Keep Medicare And Social Security Strong.  “‘We are proud to stand with Katie McGinty. In the U.S. Senate, Katie will stand with Pennsylvania seniors to keep Medicare and Social Security strong,” said Bauman. SVC believes McGinty is the clear choice for Pennsylvania seniors in this race. McGinty’s opponent, Joe Sestak, continues to tout his support of a budget proposal that would increase health care costs for seniors on Medicare and gut Social Security benefits.” [Seniors Votes Count!, Press Release, 4/4/16]

V/O: DSCC is responsible for the content of this advertising.

GFX: PAID FOR BY DSCC, WWW.DSCC.ORG, AND NOT AUTHORIZED BY ANY CANDIDATE OR CANDIDATE’S COMMITTEE. DSCC IS RESPONSIBLE FOR THE CONTENT OF THIS ADVERTISING.