Obama Slams McCain on the Markets, Privatizing Social Security

[Hope And Change]

Run time: 01:30 https://www.youtube.com/watch?v=mzw_af_JIAM   Posted on YouTube: September 19, 2008 By YouTube Member: Views on YouTube: 0   Posted on DU: September 20, 2008 By DU Member: Hope And Change Views on DU: 946

 
OBAMA:

"And I know there are a lot of young people here... And you may not be thinking about this right now, but I will soon be qualified for my AARP card, so I want to protect Social Security. (applause) John McCain has talked about privatizing Social Security. Imagine if you had some of your Social Security money in the stock market right now, how you would be feeling about the prospects of your retirement. Without Social Security, half of elderly women would be living in poverty -- half. But if my opponent had his way, millions of Americans would have had their Social Security tied in the stock market this week. Millions would have watched as ethe stock market tumbled and their nest egg disappeared before their eyes. Let's be clear, when I am president, we're not going to gamble with Social Security, we're not going to gamble with your ability to retire with dignity after a lifetime of hard work, we're going to strengthen and protect Social Security so that families can count on it today, tomorrow, always. Thats my commitment as president. (applause)..."

[Ichingcarpenter]

1. Thanks for putting this up n/t

[Lifetimedem]

2. I had hoped he would address this

The Republicans want to have government out of everything except protecting the rich

[tclambert]

3. And who would have been in charge of privatized SS funds?

Merrill Lynch, Lehman Brothers, AIG, and other Wall Street heavyweights would have grabbed the privatized Social Security funds if Bush and McCain had had their way. Would the rest of the government be trying to bail out the Social Security system now? But the rest of the government has been borrowing from the SS trust fund for many years now. It would be a snake swallowing its own tail.

Obama needs to hit this hard. The senior crowd votes in large numbers. And they worry about the safety of their Social Security checks. McCain is very vulnerable on this issue.

[SharonAnn]

4. Privatized SS in Chile has been a disaster for individuals. Investment "fees" as high as 35-40%

have been taken by the banks. The country is having to revise some of the guaranteed retirement to cover workers who have been taken to the cleaners by the financial houses.

Of course, the banks have done really well.

[JonathanBrowne]

5. perfect

Go Obama. The problems with the economy are really giving his economic plans the attention they deserve.