Change that works for you : Barack ObamaJune 14th, 2008 - 5:51 pm ICT by Amrit Rashmisrisethi
A secure retirement is no longer a guarantee for the middle class. It’s harder to save and harder to retire. People are losing their pensions. If we do not act, the promise of Social Security will grow harder to keep. That’s why I will fight every day to extend the promise of a retirement that is dignified and secure when I am President of the United States.
It starts with protecting Social Security today, tomorrow, and forever. For millions of Americans, Social Security is the difference between a comfortable retirement and the risk of poverty. We have an obligation to secure the future of one of the most successful programs in our history. And that starts with talking straight to the American people about the challenges that lie ahead.
Well let me be clear: privatizing Social Security was a bad idea when George W. Bush proposed it. It’s a bad idea today. It would eventually cut guaranteed benefits by up to 50%. It would cost a trillion dollars that we don’t have to implement on the front end, permanently elevating our debt. And most of all, it would gamble the retirement plans of millions of Americans on the stock market. That’s why I stood up against this plan in the Senate, and that’s why I won’t stand for it as President.