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AARP fights Social Security plan: NYT
Influential lobby group to launch ad campaign saying Bush's plan gambles with retirement security.
December 30, 2004: 8:05 AM EST

NEW YORK (CNN/Money) - The AARP signaled for the first time how vehemently it would fight President Bush's proposal for private Social Security accounts, saying it would launch a $5 million, two-week advertising campaign against the plan timed to coincide with the start of the new Congress, a newspaper report said Thursday.

The influential lobbying group that represents 36 million Americans aged 50 years and older said it would spend much more in the next two years to block the creation of private accounts financed with payroll tax revenues, reported the New York Times.

"This is our signature issue," Christine M. Donohoo, chief communications officer for the AARP, told the paper. "We will do what it takes."

According to the Times, full-page ads are to appear next week in more than 50 newspapers nationwide that read, "There are places in your retirement planning for risk, but Social Security isn't one of them."

The report says another advertisement shows a picture of traders standing on an exchange floor. "Winners and losers are stock market terms," it reads. "Do you really want them to become retirement terms?"

Earlier this month, President Bush said with regards to Social Security, "The crisis is now."

But Donohoo disagreed, telling the Times that "rather modest changes" could ensure the solvency of the system for several generations. "We're not in a crisis," she said.  Top of page




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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.