BANGOR – On Wednesday, a group of Maine labor leaders and workers hailed Edward Jones, an investment firm with local offices, for dropping out of a coalition of firms favoring the privatization of social security. The coalition, called the Alliance for Worker Retirement Security, reportedly plans to spend up to $20 million to support President George Bush’s privatization proposal.

“We believe that the system is not so broke as the President is saying,” said Jack McKay, president of the Greater Bangor Area Central Labor Council. “It’s absolutely unethical that companies that have so much to gain economically are pouring money into privatizing Social Security.”

McKay said privatization would leave many Mainers without the retirement security they need.