President Obama: Social Security Is Healthy… There’s No Need to “Save” It

No, Barack Obama didn’t actually say that… but he should. Here’s why.

With the economy crisis taking its toll, a lot of people are now depending on the new stimulus bill, which has just been passed, to slow down the waning economy. However, since only 700 billion dollars were given to President Obama by the Congress, many say that it won’t be sufficient enough to cover the estimated 2.6 trillion dollars foreseen to be lost not only this year but also until the next one.

The newly elected President should ponder about how to improve the economy without asking for more money from the Congress and one of his options is to comfort the baby boomers that their Social Security is guaranteed to be given to them.

According to Harvard Economics professor Martin Feldstein, employees spend money while they’re working because they know that they can depend on their Social Security once they resign from their job and this gives them the assurance to spend and not worry about saving up for their later years which is a good way to boost the economy.

The only hitch to this solution is the destabilization of Social Security due to a program billionaire banker Peter Peterson is investing in. Over the last twenty years the billionaire has thought of ways to totally remove all the benefits for the elderly including Medicare and Social Security and it has caught the attention of the media which in turn tickled the thoughts of some members of the congress and senators who are now supporting Peterson and his goal. With this looming over the heads of soon to be retirees, they have no other choice but to save up in order to maintain their way of living.

To be able to help not only the economy but the elderly as well, President Obama should try to calm the minds of baby boomers by assuring them that his administration, himself included, will prevent people like Peter Peterson from cutting off their rightful benefits.

The President’s show of support is beneficial since it will not cost him anything unlike the stimulus bill plus it will help pacify the sentiments of expected retirees.

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