Posted on 08/18/2010 11:22:34 PM PDT by Libloather
Obama: Social Security won't be privatized
By the CNN Wire Staff
August 18, 2010 12:08 p.m. EDT
Columbus, Ohio (CNN) -- President Barack Obama pledged Wednesday that the Social Security system won't be privatized while he is in the White House.
In a town-hall style meeting with a few dozen residents of Columbus, Ohio, Obama said "modest" changes can keep the government pension system solvent for decades.
Republicans have called for transforming the government program to a private savings account as a way to help keep it going as America's aging population stresses its financial health.
"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.
He said Social Security needed adjustments, rather than a total overhaul.
"There are some fairly modest changes that can be made without any newfangled schemes that can keep it running for 75 years so everybody gets what they deserve," Obama said.
While citing steps his administration has taken to spur recovery from the recession, Obama also warned that more work needed to be done. He said the housing market remains a "big drag" on the economy and will take more time to recover.
Overbuilding in the boom years that preceded the economic recession has resulted in too many houses available for the level of demand, the president said.
(Excerpt) Read more at cnn.com ...
How about a RAT bailout? That sounds soooo good.
Where’s the entitlement exit strategy. Oh, I see, there was never meant to be an end to them as they keep Dems in perpetual power.
I've been battling Leukemia for the past five years and I'm only 57. I'm one of those suckers that you and your Libtard friends bank on to die before I get a piece of the Pyramid Ponzi Scheme you love so much.
“If” I make it to 62 and apply for my early S.S. Benefit, it will take me twelve years to just get my Principal back, while forfeiting any interest that same money would have earned after being invested for over 45 years.
Democrats require a combination of envy and stupidity to maintain their power.
The list, ping
The list, ping
Yes, he won’t privatize. He’ll cut back on benefits until the elderly die off faster or they will become destitute.
I’d be fine paying into SS for the rest of my career with no hope of ever seeing benefits if we could agree kill this system and move on. Let’s fulfill our obligations to the Baby Boomers who paid into this
system all their lives with the expectation of getting something back but let’s also lift this burden from future generations.
Social Security = Post office #2
“Social Security system won’t be privatized while he is in the White House.”
Cool.. we only have to wait another 28 months unless he’s kicked out prior to then.
Privatize Social Security? There is not a politician alive today that would allow that to happen. I mean, take away their “Piggy bank” full of IOUs.
Now, the big push is for the Government to “Bailout” union’s pension funds, which is full of IOUs because union mismanagement.
Yea- the government has done such a wonderful job running this public program. I am sure each of us would have done much worse managing our own private retirement plans.
The program should be privatized now and all of the money congress set aside for their own retirement should be taken away from them and contributed to our social security privatized program.
Don’t count on that however. The criminals- pelosi, reid and obama would never let that happen.....
“Obama said “modest” changes can keep the government pension system solvent for decades.”
Raise you taxes and you can’t collect until you turn 90.
The dems can’t run on their record so Barry’s trying to create an issue.
Smells like Barry plans to de-list Cancer drugs and advanced medical techniques, in effect lowering the average life expectancy.
Less people collecting SS for a smaller period of times equals a solvent SS trust
I would prefer to have my social security invested in Treasury notes that would belong to me and passed on to my heirs when I die.
Once again we have O telling a lie that will come back to bite him when his so called deficit commission suggests that serious changes must be made to social security in order to save it for future citizens.
Means testing? Raising the age to collect? Taking away the salary cap for paying into social security? Lowering the benefits? Ending the right to begin collecting at 62 yrs. Perhaps raising that to 63 or 64 yrs.?
The liar certainly doesn’t believe those are minor tweaks.
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