Democratic Congressman Ed Markey and Republican private equity executive Gabriel Gomez are running to become the next U.S. Senator from Massachusetts.
The special election will be held on Tuesday, June 25, and June 5 is the last day to register to vote.
In local and national news, the coverage of the race has focused on the “horse race” and various things the two candidates have said – not so much on policy. But on issues affecting working families, there’s are huge differences between Markey and Gomez that we wish were making bigger headlines.
1.) Retirement. As a member of Congress, Ed Markey has been a longtime defender of Social Security. When both Republicans and Democrats were considering a plan to change the formula used to determine Social Security benefits to “chained CPI,” Markey opposed it.
“Chained CPI” (CPI stands for “consumer price index”) assumes that when prices go up, consumers will choose a less expensive product. This formula results in a lower “cost of living” estimate because it assumes people need less; using this formula to calculate Social Security is equivalent to a benefit cut.
Markey has said that CPI really stands for “cutting people’s income.”
Republican Gabriel Gomez, on the other hand, supports the “chained CPI” benefit cut, which he announced at an April 10 debate. As the AARP points out, if the government makes this switch for both Social Security and veterans benefits, current and future seniors veterans could lose $146 billion in benefits over 10 years.
2.) Wall Street. Ed Markey voted for the groundbreaking Wall Street reform bill, which ends some of the worst abuses of big banks and corporations (those same banks have since fought tooth and nail to weaken the reform). He also opposes Republican plans that would increase tax incentives for companies that ship jobs overseas.
Gabriel Gomez, who made his fortune as a private equity executive, has relied heavily on the support of Wall Street and the financial services industry in his run for office. Individuals working in finance have given Gomez’s campaign $278,000, 52 percent of his total campaign contributions. Bain Capital employees have given Gomez more than $12,000.
Not surprisingly, Gomez’s policy positions closely mirror that of the financial industry. He said that “onerous taxes” and “excessive regulation” are obstacles to job growth. He opposes raising taxes on the wealthiest Americans, and has attacked the Wall Street reform law.
3.) Health Care. The candidates differ starkly on the issue of Medicare. Ed Markey opposes cuts to Medicare, while Gabriel Gomez has said he favors raising the Medicare eligibility age. On his website and in his public statements, Gomez refers to Medicare as an “entitlement,” not as a guaranteed benefit.
Gomez hasn’t said at what age seniors should be eligible for Medicare, but a popular proposal would raise the eligibility age from 65 to 67. According to Roosevelt Institute fellow Matt Stoller, that would mean that 5 million 65 and 66 year olds would not be able to get Medicare coverage for at least a year, and 7 million would not be eligible for at least a month. Even with Obamacare fully implemented and every state accepting Medicaid expansion, this policy change would leave at least 200,000 seniors without health insurance, primarily those on the lower end of the economic spectrum. Those seniors would be denied the earned benefit that they paid for over the course of their lives.
Remember, the special election is on Tuesday, June 25, and the last day to register to vote in this election is Wednesday, June 5. If you live in Massachusetts or know someone who does, please share these three crucial pieces of information about where Markey and Gomez stand.