Mac's Market Approach Sours Amid Crisis

Obama seizes on plan for privatized Social Security accounts
By Kevin Spak,  Newser Staff
Posted Sep 22, 2008 10:26 AM CDT
With the financial system churning out more bad news by the day, Barack Obama is attacking John McCain's plans for privatized Social Security accounts and to inject market forces into health care.   (AP Photo)
camera-icon View 2 more images

(Newser) – The tumbling stock market has drawn the wrong kind of attention to John McCain’s Social Security and health-care positions, the Wall Street Journal reports, since the Republican has long been an advocate of more market-based, deregulated approaches in both areas. A new Barack Obama ad says McCain’s plan for private accounts amounts to “risking Social Security on the stock market.”

McCain reaffirmed his belief in private Social Security yesterday, but only for young Americans, and only “in a voluntary fashion.” On health care, meanwhile, Obama seized on a recent McCain call for deregulation “as we have done over the last decade in banking.” McCain’s piece was vague on which regulations should go; his camp says he’s only advocating allowing the purchase of out-of-state insurance.