Mike Bishop is doubling down on his reckless and irresponsible agenda – in Tuesday’s debate, Bishop said he would support plans to privatize Social Security.
The Detroit News reported, “Bishop said the Social Security system is broken. ‘Congress needs to come up with a solution and part of that has to be giving the young generation the opportunity to use their own money to invest in their own retirement,’ he said. ‘They will not benefit from the current system so they need to have another option.’”
Bishop’s support to privatize Social Security comes after he already embraced the Republican budget that would raise Medicare costs on Michigan Seniors.
“It’s bad enough that Mike Bishop has embraced the Republican budget that raises Medicare costs on Michigan seniors in order to cut taxes for the wealthy,” said Brandon Lorenz of the Democratic Congressional Campaign Committee. “For Mike Bishop to say he wants to privatize Social Security on top of supporting a budget that would raise Medicare costs on seniors shows how his first priority is the ultra-wealthy and the special interests.”
BACKGROUND:
Bishop Suggested Privatizing Social Security. In 2014 Bishop on Social Security said, “Congress needs to come up with a solution and part of that has to be giving the young generation the opportunity to use their own money to invest in their own retirement […] They will not benefit from the current system so they need to have another option.” [Detroit News, 10/1/14]
Bishop Supported Republican Plan to End Medicare. In 2014 Michigan Capitol Confidential reported: “When it comes to major federal issues such as health care, energy plans and the role the government should have in banking and housing, Republicans Tom McMillin and Mike Bishop have very similar views […] Both candidates support U.S. Rep. Paul Ryan’s “premium support” plan on Medicare.” [Michigan Capitol Confidential, 7/15/14]
- Republican Plan Would Reopen Medicare Donut Hole. In April 2014, CBPP reported that the Republican budget plan would reopen the prescription drug donut hole. In July 2014, HHS reported that 8.2 million seniors and people with disabilities on Medicare had saved $11.5 billion since 2010 as a result of closing the prescription drug donut hole, for an average of $1,407. [CBPP, 4/08/14; HHS, 7/29/14]
- White House: Republican Plan Would Give Millionaires an $87,000 Tax Cut. In April 2014, the White House reported that the Republican budget would give millionaires at least an $87,000 tax cut. [White House, 4/10/14]
- Republican Plan Would Protect $45 Billion in Subsidies for Big Oil. “His budget would also protect $45 billion in tax subsidies over 10 years to oil companies, the top five of which are already reaping $93 billion in profits from 2013 alone.” [Center for American Progress, 4/01/14]