Columbus, Ohio (CNN) — President Barack Obama pledged Wednesday that the Social Security system won’t be privatized while he is in the White House.

In a town-hall style meeting with a few dozen residents of Columbus, Ohio, Obama said “modest” changes can keep the government pension system solvent for decades.

Republicans have called for transforming the government program to a private savings account as a way to help keep it going as America’s aging population stresses its financial health.

“It will not be privatized as long as I’m president,” Obama said to applause, noting that the economic recession and Wall Street collapse would have devastated the savings of retirees under a privatized Social Security system. Se Link to story here:

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From a letter to USA Today:Dick Armey, chairman of FreedomWorks, is dreaming in his piece “Let’s upend Social Security” (Opposing view, Retirement income debate, Tuesday). Eliminating Social Security and putting it in each worker’s hands would be the scam artist’s bonanza. I get calls every day from scammers peddling precious metals, movie investments, “green” energy and other things. Remember financiers Bernie Madoff and Allen Stanford?
If the so-called experts at Lehman Bros. and Bear Stearns couldn’t get it right, how would the average Joe who doesn’t have training or expertise in the financial field? And if the economy went south, as it did the past few years, how many workers would spend their retirement instead of investing it?

Marvin Chosky; Bedford, Texas

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