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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
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.
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