Some Republican leaders in Congress are "pushing to make privatizing Social Security a key part of their legislative agenda if they win a majority in Congress this fall," Obama said.
President Obama praised Social Security as the “cornerstone in the foundation of America’s middle class” and warned against what he called Republican efforts to privatize the program.
President Obama has taken the lead in a Democratic offensive on Social Security, warning that Republicans will revive efforts to privatize what is perhaps the government’s most popular program if they seize control of Congress in the November elections.
He asserted that privatizing the system would open it up to the wil ups and downs of the stock market. He stated that while playing the stock market would allow for some people to increase their savings through playing the market well, some people would inevitably lose their savings in the market and the US would still have to pay for those people.
President Barack Obama on Saturday warned against a renewed call by some Republicans to privatize Social Security funds, claiming that such a move would add "trillions" to the budget deficit and place individual benefits at risk.
"It will not be privatized as long as I'm president," Obama said to applause, noting that the economic recession and Wall Street collapse would have devastated the savings of retirees under a privatized Social Security system.
Seventy-five years after Franklin D. Roosevelt signed Social Security into law, Mr. Obama said in his weekly radio and Internet address Saturday: "We have an obligation to keep that promise, to safeguard Social Security for our seniors, people with disabilities and all Americans — today, tomorrow and forever."
Obama, Aug. 14: [S]ome Republican leaders in Congress don’t seem to have learned any lessons from the past few years. They’re pushing to make privatizing Social Security a key part of their legislative agenda if they win a majority in Congress this fall. It’s right up there on their to-do list with repealing some of the Medicare benefits and reforms that are adding at least a dozen years to the fiscal health of Medicare – the single longest extension in history.
President Obama believes that all seniors should be able to retire with dignity, not just a privileged few. And, he believes that all Americans deserve to know that, if they become disabled or if they lose the breadwinner in the family, Social Security will be there to protect them. Today, nearly 54 million Americans receive Social Security benefits, including 38 million retirees and their family members, 10 million Americans with disabilities and their dependents, and 6 million survivors of deceased workers.
Honoring Social Security, Not Privatizing It
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