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Obama Pledges to Fight Privatization of Social Security

President Barack Obama delivers his weekly address 14 Aug 2010

President Barack Obama says the United States cannot afford to privatize Social Security, which he says would tie senior citizens' benefits to the ups and downs of the stock market.

In his weekly address, Mr. Obama said Social Security is a cornerstone in the foundation of the country's middle class, and gives seniors a chance to retire with dignity. He spoke on the program's 75th anniversary, saying he will fight against privatizing Social Security while he is president.

In the Republicans' weekly address, U.S. Senate candidate Pat Toomey criticized what he called "egregiously wasteful spending" from the Obama administration, and said the president's economic stimulus bill has failed to create American jobs or moderate unemployment. Toomey, a former congressman from Pennsylvania, also called for tax cuts to stimulate private sector job growth.

Mr. Obama criticized Republicans, who have made Social Security privatization a key part of their agenda. He says it seems Republican Congressional leaders have not learned anything from the recent financial crisis.

Some information for this report was provided by AP, AFP and Reuters.