Obama: Social Security won't be privatized

GM. · 08-19-2010, 12:37 AM

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.

"It is going to take time to absorb this inventory that is just too high," Obama said. "There's no quick way to do it."

Before the meeting, Obama huddled around the kitchen table with the Columbus family of Rhonda and Joe Weithman to talk about how his administration's economic stimulus spending has helped it.

The Recovery Act funded local infrastructure projects like a new police station that provided work for the small architectural firm co-owned by Joe Weithman, helping it stay in business, Obama said.

In addition, the administration subsidized COBRA health insurance benefits, which allowed Rhonda Weithman to maintain the family's insurance coverage after she lost her job, he said.

The trip was Obama's ninth to Ohio since taking office. Ohio will likely be a key state in upcoming elections.

Later Wednesday, Obama was to attend a fundraiser for Ohio Gov. Ted Strickland, before heading to Miami Beach, Florida, for events with Senate candidate Kendrick Meek and gubernatorial candidate Alex Sink. Want to read more? Click here.

**Nexus** · 08-19-2010, 04:13 AM

The President and broken promises...they just want to control the money.

**Kevinek** · 08-19-2010, 01:55 PM

So let me view this in my very own perspective... If this does go through, bankrupting our government is going to save social security? Sure may seem like a paradox, at fist. But we have no money to start anything that will help us against recession...

**Alancito** · 08-19-2010, 09:36 PM

Same old bourgeoise politics.

GM. · 08-20-2010, 12:02 AM

I think it is just lies.

**Kevinek** · 08-20-2010, 09:09 PM

Welcome to politics; The fastest way to piss off anybody and make enemies.

JackThePmknKng90 · 08-20-2010, 09:12 PM

why cant i have an avatar!!??!??

**Lucki** · 08-23-2010, 03:28 AM

With the economy the way it is, the last thing you would want to do is privatize it. Do you really want your money in the hands of some big corporation anyway? If the stock market drops or even crashes, companies and corporations do too. All the money that was privatized suddenly disappears along with the ex-CEO's of the companies and America is left with even less money to give out to citizens.

Companies can rise and fall in a matter of days. Countries take much longer, especially ones as big and economically important as the United States.

08-19-2010, 12:37 AM	#1
GM. The Stealth Moderator Join Date: Aug 2010 Location: Night Club Posts: 36	Obama: Social Security won't be privatized 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. "It is going to take time to absorb this inventory that is just too high," Obama said. "There's no quick way to do it." Before the meeting, Obama huddled around the kitchen table with the Columbus family of Rhonda and Joe Weithman to talk about how his administration's economic stimulus spending has helped it. The Recovery Act funded local infrastructure projects like a new police station that provided work for the small architectural firm co-owned by Joe Weithman, helping it stay in business, Obama said. In addition, the administration subsidized COBRA health insurance benefits, which allowed Rhonda Weithman to maintain the family's insurance coverage after she lost her job, he said. The trip was Obama's ninth to Ohio since taking office. Ohio will likely be a key state in upcoming elections. Later Wednesday, Obama was to attend a fundraiser for Ohio Gov. Ted Strickland, before heading to Miami Beach, Florida, for events with Senate candidate Kendrick Meek and gubernatorial candidate Alex Sink. Want to read more? Click here.

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08-19-2010, 04:13 AM	#2
Nexus Administrator Join Date: Aug 2010 Location: IL Posts: 47	The President and broken promises...they just want to control the money.

08-19-2010, 01:55 PM	#3
Kevinek Administrator Join Date: Aug 2010 Posts: 26	So let me view this in my very own perspective... If this does go through, bankrupting our government is going to save social security? Sure may seem like a paradox, at fist. But we have no money to start anything that will help us against recession...

08-19-2010, 09:36 PM	#4
Alancito Administrator Join Date: Aug 2010 Posts: 36	Same old bourgeoise politics.

08-20-2010, 12:02 AM	#5
GM. The Stealth Moderator Join Date: Aug 2010 Location: Night Club Posts: 36	I think it is just lies.

08-20-2010, 09:09 PM	#6
Kevinek Administrator Join Date: Aug 2010 Posts: 26	Welcome to politics; The fastest way to piss off anybody and make enemies.

08-20-2010, 09:12 PM	#7
JackThePmknKng90 Member Join Date: Aug 2010 Posts: 48	why cant i have an avatar!!??!??

08-23-2010, 03:28 AM	#8
Lucki Administrator Join Date: Aug 2010 Posts: 20	With the economy the way it is, the last thing you would want to do is privatize it. Do you really want your money in the hands of some big corporation anyway? If the stock market drops or even crashes, companies and corporations do too. All the money that was privatized suddenly disappears along with the ex-CEO's of the companies and America is left with even less money to give out to citizens. Companies can rise and fall in a matter of days. Countries take much longer, especially ones as big and economically important as the United States.