President talks Social Security, says Republicans want privatization

This week’s topic focused on Social Security, specifically the idea of privatization. The President characterized privatizing social security as an ill conceived idea, and warned that Republicans would reintroduce this issue if they’re successful in the November midterm elections:

“A few years ago, we had a debate about privatizing Social Security. And I’d have thought that debate would’ve been put to rest once and for all by the financial crisis we’ve just experienced. 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. But some Republican leaders in Congress don’t seem to have learned any lessons from the past few years. They’re pushing to make privatizing Social Security a key part of their legislative agenda if they win a majority in Congress this fall.”

President Obama’s Weekly Address:

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