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Obama Says Private Accounts Would Endanger U.S. Social Security Benefits

Posted By admin On August 15, 2010 @ 4:57 am In Money Watch | Comments Disabled

Kate Andersen Brower
Bloomberg [1]
Aug 15, 2010

President Barack Obama said Republican proposals to have people invest Social Security benefits in private accounts would increase the U.S. budget deficit and put retirement money at risk to “the whims of Wall Street traders.”

In his weekly address on the radio and Internet, Obama marked the 75th anniversary of President Franklin Roosevelt’s signing of the Social Security Act, and said he would fight if Republicans try to convert the entitlement program to private investment accounts.

“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,” he said.

The president said Republican lawmakers want to make Social Security “a key part of their legislative agenda” if they gain a majority in Congress after November’s elections.

Full article here [1]

Having A Supply Of Healthy Foods That Last Just Makes Sense [2]

Obama Says Private Accounts Would Endanger U.S. Social Security Benefits 150410banner7 [3]


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URLs in this post:

[1] Bloomberg: http://www.bloomberg.com/news/2010-08-14/obama-says-private-accounts-would-endanger-u-s-social-security-benefits.html

[2] Having A Supply Of Healthy Foods That Last Just Makes Sense: http://www.efoodsdirect.com//index.html?aid=14&adid=43

[3] Image: http://www.homegain.com/housead/homes_for_sale/index?entryid=11502

[4] Government Sets Its Sights on Private Retirement Accounts: “Giant Effort to Redistribute the Wealth of America’s Older Citizens”: http://www.prisonplanet.com/government-sets-its-sights-on-private-retirement-accounts-%e2%80%9cgiant-effort-to-redistribute-the-wealth-of-america%e2%80%99s-older-citizens%e2%80%9d.html

[5] Israel airport security demands access to tourists’ private email accounts: http://www.prisonplanet.com/israel-airport-security-demands-access-to-tourists-private-email-accounts.html

[6] President Obama’s uncle had Social Security ID: http://www.prisonplanet.com/president-obama%e2%80%99s-uncle-had-social-security-id.html

[7] Social Security is not “Insurance”: http://www.prisonplanet.com/social-security-is-not-insurance.html

[8] Next in Line for a Bailout: Social Security: http://www.prisonplanet.com/next-in-line-for-a-bailout-social-security.html

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