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.
From the White House Blog
Seniors & Social Security
The Recovery Act provides a one-time payment of $250 to retirees, disabled veterans, and SSI recipients. Over 64 million retirees and other individuals will receive this one-time payment, totaling $16 billion.
Protecting Social Security
President Obama believes that all seniors should be able to retire with dignity, not just a privileged few. He is committed to protecting Social Security and working in a bipartisan manner to preserve its original purpose as a reliable source of income for American seniors. The President stands firmly opposed to privatization and rejects the notion that the future of hard-working Americans should be left to the fluctuations of financial markets.
In addition to preserving Social Security, President Obama will make it easier for Americans to save for retirement and prepare for unforeseen expenses. Currently 75 million working Americans—about half the workforce—lack access to retirement plans through their employers. The President’s budget lays the foundation for all Americans to participate in retirement accounts at work, enacting simple rules and automatic enrollment that experts estimate will increase savings participation to 80 percent for low- and middle-income workers.