David McCormick Placed a Target on Medicare and Threatened Social Security, Which Millions of Older Pennsylvanians Rely On

PENNSYLVANIA — During Older Americans Month, Connecticut hedge fund executive and mega-millionaire David McCormick’s threats to Social Security and Medicare are under scrutiny. 

During his 2022 Senate campaign, McCormick pushed to gut Social Security and Medicare, a move that would increase health care costs and rip away benefits earned through a lifetime of work from millions of Pennsylvanians.

Pennsylvania Democratic Party spokesperson TaNisha Cameron issued the following statement:

“David McCormick has told Pennsylvanians time and again that Social Security and Medicare would be on the chopping block if he were elected. He advocated for privatizing Social Security and Medicare as a member of the Bush administration and now he’s threatening these programs while supporting tax giveaways for his Wall Street friends.”

Here’s David McCormick’s Record of Threats to Social Security and Medicare:

• McCormick has supported putting Social Security and Medicare on the chopping block.
  • McCormick: “So the path through this is […] a tightening of the belt […] And as I said, there’s entitlements and a number of other drivers of that.” [John Fredericks Radio Show, 11/16/23; 4:40]

• McCormick said entitlements like Social Security “aren’t sustainable” and that he doesn’t think children “are going to be able to live under the same entitlements that all of us here are.”

• McCormick advocated for privatizing Social Security and Medicare as an official in the Bush administration.
  • McCormick: “…We are committed to continuing to improve our fiscal outlook, particularly through measures to address the challenge of entitlement spending reform. We have already taken steps to increase incentives for private saving through tax reforms affecting capital income, and we are striving to broaden these tax reforms to further boost personal saving.” [Heartland Signal, 5/12/22]

• McCormick supports the disastrous 2017 corporate tax giveaway that raised taxes for over 375,000 Pennsylvania families.
  • McCormick: “We need to make permanent the Tax Cut and Jobs Act.” [Pennsylvania Capital-Star, 12/4/23]
  • McCormick: “I think the policy we should have going forward on taxes and the economy is to make permanent the Trump tax cuts.” [PCN, 3/30/22]