President Obama’s Weekly Address on the 75th Anniversary of Social Security

Posted by AzBlueMeanie:

On the 75th anniversary of Social Security, President Obama promises to
protect it from Republican leaders in Congress who have made
privatization a key part of their agenda. He makes clear that,
especially in light of the financial crisis, gambling Social Security on
Wall Street makes no sense.

The president's weekly address for August 14, 2010.

Remarks of President Barack Obama
As Prepared for Delivery
August 14, 2010
Washington, DC
 

Seventy-five years ago today, in the midst of the Great Depression,
Franklin Roosevelt signed Social Security into law, laying a cornerstone
in the foundation of America’s middle class, and assuring generations
of America’s seniors that after a lifetime of hard work, they’d have a
chance to retire with dignity.  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.
 
Now, we’ve been talking for a long time about how to do that; about how
to make sure Social Security is healthy enough to cover the higher costs
that are kicking in now that baby boomers are retiring. And I’m
committed to working with anyone, Democrat or Republican, who wants to
strengthen Social Security. I’m also encouraged by the reports of
serious bipartisan work being done on this and other issues in the
fiscal commission that I set up several months ago.
 
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.
 
A few years ago, we had a debate about privatizing Social Security. And
I’d have thought that debate would’ve been put to rest once and for all
by the financial crisis we’ve just experienced. 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.
 
But some Republican leaders in Congress don’t seem to have learned any
lessons from the past few years. They’re pushing to make privatizing
Social Security a key part of their legislative agenda if they win a
majority in Congress this fall. 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 – the single
longest extension in history.
 
That agenda is wrong for seniors, it’s wrong for America, and I won’t
let it happen. Not while I’m President. 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. 
 
Seventy-five years ago today, 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 poverty-stricken old age.” 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.
Thanks for listening. Thanks for watching. And have a nice weekend.