2005: Mitt Romney and Rep. Paul Ryan Supported Privatization of Social Security
Almost from the moment it was announced, the Republicans’ Romney-Ryan ticket began already drawing fire for both men’s plans for the “voucherization of Medicare.” As it turns out, there’s another reason Mitt Romney and Paul Ryan should worry America’s seniors and the millions more soon to join them. Both supported President Bush’s aborted scheme to privatize Social Security, only to run away from their past positions after its staggering unpopularity and the 2008 meltdown of the U.S. financial system revealed that Republican path to be political suicide.
In 2005, when Bush campaigned to introduce private accounts into Social Security, Rep.Paul Ryan fervently crusaded for the concept. He was the sponsor in the House of a bill to create new private accounts funded entirely by borrowing, with no benefit cuts. Ryan’s plan was so staggeringly profligate, entailing more than $2 trillion in new debt over the first decade alone, that even the Bush administration opposed it as “irresponsible.”