Obama Promises to Fight Against the “Ill-Conceived Idea” of Privatizing Social Security

By Cullen Dirner

Aug 14, 2010 6:01am

From Sunlen Miller:

Promising to fight with everything he's got, President Obama – on the 75th anniversary of Social Security being signed into law – promises to "stop those who would gamble" with privatizing social security. 

“Some Republican leaders in Congress don’t seem to
have learned any lessons from the past few years,” President Obama says in his
weekly address, “They’re pushing to make privatizing Social Security a key part
of their legislative agenda if they win a majority in Congress this fall.”

The president says this is wrong for seniors and it
won’t happen on his watch.

“I’ll fight with everything I’ve got to stop those
who would gamble your Social Security on Wall Street. Because you shouldn’t be
worried that a sudden downturn in the stock market will put all you’ve worked
so hard for – all you’ve earned – at risk. You should have the peace of mind of
knowing that after meeting your responsibilities and paying into the system all
your lives, you’ll get the benefits you deserve." 

The president says he is committed to working with
Democrats and Republicans if they’d like to strengthen Social Security, but the
nation cannot afford the “ill-conceived” idea of privatization.

“I’d have thought, after being reminded how quickly
the stock market can tumble, after seeing the wealth people worked a lifetime
to earn wiped out in a matter of days, that no one would want to place bets
with Social Security on Wall Street; that everyone would understand why we need
to be prudent about investing the retirement money of tens of millions of
Americans,” Obama says of Republicans who are pushing the idea.

The president says that it is an “obligation” to
safeguard Social Security for the nation.

-Sunlen Miller

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