President Obama Promises to Protect Social Security from Republicans Privatization Plan

Washington, D.C. (Aug 14) – Marking the 75^th anniversary of Social Security, President Obama during his weekly address, promised to protect Social Security from being privatized under Republican Party plans.

The Republican Party has purposed to turn over the Social Security Administration to the same group of individuals that ran Wall Street into the ground. President Obama remarked, “[sic] Despite the financial crisis, they still believe that gambling Social Security on Wall Street is a good idea.  This President will not let that happen.”

Seventy-five years ago, during the great depression, President Roosevelt signed Social Security into law. Since that time, some fundamental changes have been implemented, and signed into law as well. Changes to the prescription drug coverage were the latest debacle paid for by the taxpayers, under the Bush administration.

Regarding keeping the foundation of our nations retirement system safe, and intact President Obama stated, “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.”

Privatization of Social Security would be disastrous, placing the nation’s future in the hands of those that in general support deregulation of the finance industry, a freehand many during the eight years leading to the nation’s economic meltdown enjoyed, is unthinkable.

“One thing we can’t afford to do though is privatize Social Security – an ill-conceived idea that would add trillions of dollars to our budget deficit while tying your benefits to the whims of Wall Street traders and the ups and downs of the stock market,” remarked Obama regarding the Republican Party’s plan.

Inclosing today’s weekly address, President Obama reminded the nation, that over 75 years ago, a promise was made, a promise to middle and lower class Americans, “[sic] Franklin Roosevelt made a promise. He promised that from that day forward, we’d offer – quote – “some measure of protection to the average citizen and to his family against and hellippoverty-stricken old age.”

Adding, “That’s a promise each generation of Americans has kept. And it’s a promise America will continue to keep so long as I have the honor of serving as President.”

Posted by WNV Headline News on August 14, 2010. Filed under economic recovery,economy,National News,News,White House Press Releases,WorldNewsVine. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.