Last updated on: 1/2/2018 | Author:

Barack Obama, JD Biography

44th President of the United States
Con to the question "Should Social Security Be Privatized?"

“I have been adamant in saying that Social Security should not be privatized and it will not be privatized as long as I’m President. And here’s the reason. I was opposed to it before the financial crisis. And what I said was the purpose of Social Security is to have that floor, that solid — rock-solid security, so that no matter what else happens you’ve always got some income to support you in your retirement. And I’ve got no problem with people investing in their 401(k)s, and we want to encourage people to invest in private savings accounts. But Social Security has to be separate from that…

So here’s the thing. Social Security is not in crisis. What is happening is, is that the population is getting older, which means we’ve got more retirees per worker than we used to. We’re going to have to make some modest adjustments in order to strengthen it. There are some fairly modest changes that could be made without resorting to any newfangled schemes that would continue Social Security for another 75 years, where everybody would get the benefits that they deserve.”

“Remarks by the President at a Discussion with Ohio Families on the Economy,”, Aug. 18, 2010

Involvement and Affiliations:
  • 44th President of the United States, Jan. 20, 2009 – Jan. 20, 2017
  • Member, US Senate (D-IL), 2005-2008
  • Member, US Senate Environment and Public Works Committee, 2005-2006
  • Member, Illinois State Senate, 1997-2004
  • Attorney, Miner, Barnhill & Galland, 1993-2004
  • Former Teacher, Constitutional Law, University of Chicago
  • Former community organizer, Chicago
  • JD, Harvard University, 1991
  • BA, Columbia University, 1983
  • None found
Quoted in:
Pro & Con Quotes: Should Social Security Be Privatized?