Saturday, August 14, 2010

The President's Weekly Address: Honoring Social Security, Not Privatizing It

From the White House blog:

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.

As I am sure we all do, I have many friends and family who lost a bundle of money when the market crashed in September 2008. It is still not stable enough to plan on keeping anything in it as far as I am concerned.

Just a few weeks back, it fell again and this week has been down a lot. Can you imagine what that would do to our Social Security. Most people don't have enough to live on in the first place.... To have lost 50% or more would be enough to send the majority of people to the bread lines we still fear we are going to see.

I hope this Congress doesn't even think seriously about this. I believe they would sorely test the President and we would see him angry and adamant in a veto.


Leslie Parsley said...

I can't imagine anyone living on and depending on SS not rising up in arms over this. I'm sure AARP will crank up its lobbying efforts to protest this stupidity. I also think this would have a huge detrimental impact on those who propose SS privatizatioin - as in loss of senior votes. Of course, I wouldn't vote for those turkies anyway.

Annette said...

I know Leslie.. this is so crazy for the right to want to still do this... just doesn't make sense.

Sky Girl said...

I'm young enough that I never even consider Social Security when I think about retirement. I think that is realistic, but also sad.

The right wants to do what is short-sided and "right" for them. Not any different than any of the rest of their policies.

Annette said...

Very true, the more money for Wall Street the better for them. Just means they get more campaign money and be able to ruin more.

libhom said...

Obama put people on the Cat Food Commission who want to privatize Social Security. Why would he do that if he didn't want to privatize it?

Chris said...

Haven't you heard SSI is years closer to being banrupt thanks to these idiot we now have in power. We need a private option for SSI. Because the stock market has been and will be around a lot longer then SSI. If you can't stomach the ups and downs then gamble if it's there in years. Most economist and govertnment officials say it wont be there unless we do something drastic. And the left don't have the guts to do what is needed. That is why they need the government to take care of their every need. And this way they can blame someone else for being broke when their 80.