Obama: Social Security privatization 'up there' on GOP's 'to-do list'

[jefferson_dem]

Obama: Social Security privatization 'up there' on GOP's 'to-do list'
By Sean J. Miller - 08/14/10 06:00 AM ET

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.

“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,” he said in his weekly address, broadcast Saturday. “That agenda is wrong for seniors, it’s wrong for America, and I won’t let it happen.

“I’ll fight with everything I’ve got to stop those who would gamble your Social Security on Wall Street,” he said, noting the recent financial crisis saw the “wealth people worked a lifetime to earn wiped out in a matter of days.”

Obama's speech coincided with the the 75th anniversary of the Social Security Act, which was signed into law by Franklin D. Roosevelt on Aug. 14, 1935.

The program ensured a steady income for American retirees but there's a growing consensus some changes are needed to sustain benefit levels.

The president promised to work with both parities to reform the system -- although he never used the words sustain or preserve in his address -- adding he was “encouraged by the reports of serious bipartisan work being done on .”

The program allows seniors to “retire with dignity,” he said. “We have an obligation to keep that promise.”

<SNIP>

http://thehill.com/homenews/administration/114265-obama-social-security-privatization-on-gop-to-do-list

Weekly address (Video and text) - http://www.whitehouse.gov/blog/2010/08/14/weekly-address-honoring-social-security-not-privatizing-it

[lillypaddle]

1. I've K&R'd each of these threads

so there, naysayers! :)

[nightrain]

2. if it's just the Republicans out to destroy SS, then why did Obama appoint

some of the most vociferous Republican destroyers of SS and Medicare to the catfood commission?

I fear just like with health CARE reform, we'll get some terrible "reforms" out of this commission too.

[NorthCarolina]

3. I find myself wondering the same thing. I have ZERO trust, and even less confidence

that Social Security will survive Obama's Debt Commission recommendations unscathed.

[CTLawGuy]

4. he also appointed Andy Stern

former president of the SEIU.

People give this commission outsized importance.

[nightrain]

6. I believe the concern is certainly justified, given the composition of

this commission. Imagine what these diehard Republicans want to do to SS and Medicare. Many of us who have paid into both systems and will rely on both of them for our welfare in our older years for a safety net and as a supplement are quite concerned.

Wait until their recommendations come through, conveniently AFTER the November elections, and let's see what you say then.

Bush knew he couldn't get the systems privatized, let's see if Obama has rigged this commission well-enough so that a Democrat does the Republicans' work for them. Just like health "care" (crap insurance) "reform".

[golfguru]

5. Past performance is no guarantee of future performance

but in my own case, I started contributing towards my retirement at age 25.
I bought S&P 500 mutual funds each month with about the same amount as my
social security deductions.

I retired at 62 with social security monthly checks of about $1300 with COLA.
I bought an annuity with my personal investments at age 62 and it pays
me $4000 per month lifetime with no inflation adjustment.

Like I said if this marvelous performance of my personal investment may not
repeat again. But I am very very happy with my results.

[nightrain]

7. bully for you. Many of us are certainly living on less than 4-5K/month

while working!

Do you have compassion for us?

[golfguru]

8. You gotta keep in mind

I worked all those years and SACRIFICED buying stuff because
my goal was to save 10-15% of my wages every paycheck.

My friends were buying new cars every 3 to 5 years, while I kept
mine 10 years. No expensive vacations, no smoking, and no major
medical expenses...all helped.

[Name removed]

9. Deleted message

Message removed by moderator. Click here to review the message board rules.

[Jim Sagle]

10. .