San Francisco (Obama.net)- In the midst of the Great Depression of the 1930’s in the United States of America, President Franklin D Roosevelt signed numerous measures that would bring about recovery for the citizens of the United States, as well as other bills that would bring protection for the future. One of those policies was Social Security, which Roosevelt signed on August 14th, 1935, protects senior citizens currently.
Republicans have been talking about privatizing the social insurance in an effort to increase its value. However, with the recent stock market crash and subsequent economic recession in 2008, President Barack Obama is not willing to roll the dice and allow Social Security depend on Wall Street.
Obama said of the Republican plan, “that agenda is wrong for seniors, it’s wrong for America, and I won’t let it happen. Not while I’m president.”
Instead of providing reasoning for their plan when questioned, Republicans like Pat Toomey of Pennsylvania rather chooses to criticize Obama’s policies and what he chooses to spend money on. Toomey did admit that the bailouts and stimulus packages began under Republican President George W. Bush, but continues to try to dump the blame on the current economic situation on Obama.
Obama made it clear that he understands that with proper backing, Social Security could increase in value if privatized, but with the market being the way it is, the possibility of it losing all of its value is just as likely.
Obama told the citizens of the United States, “I’ll fight with everything I’ve got to stop those who would gamble your Social Security on Wall Street because you shouldn’t be worried that a sudden downturn in the stock market will put all you’ve worked so hard for, all you’ve earned, at risk.”
Obama made it clear that as long as he continues to be the President of the United States, every single citizen of the United States will be rewarded for abiding by the financial rules of the United States. Obama made it clear that he will protect the rights of American’s to benefit off of their own taxes at the end of the day.