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Social Security
To help shore up the system, McCain favors individual accounts and reducing benefit growth. Obama prefers to raise taxes.
· Supplement Social Security benefits with individual investment accounts.· Prefers slowing the growth in benefits to raising taxes.
"...You have to go to the American people and say...we won't raise your taxes. We need personal savings accounts, but we [have] got to fix this system." -- McCain*
· Opposes individual investment accounts.· Against raising retirement age.
· Favors increasing the amount that workers making $250,000 or more pay into the system. Considering plan to tax income over $250,000 at between 2% and 4% - half of which would be paid for by the employee and half by the employer.
"We will not privatize Social Security, we will not raise the retirement age, and we will save Social Security for future generations by asking the wealthiest Americans to pay their fair share." -- Obama**
NEXT: Medicare
Last updated October 29 2008: 12:15 PM ET
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*Oct. 21, 2007, GOP Debate, Orlando, Fla.
**June 9, 2008, Speech, Raleigh, N.C.
*Oct. 21, 2007, GOP Debate, Orlando, Fla.
**June 9, 2008, Speech, Raleigh, N.C.
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