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Declared 2012 Democratic Presidential Candidate
Current President of the United States
Barack Obama
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Obama position on Social Security
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• Unlike his predecessor and some of his major opponents, Barack Obama has declared his firm opposition to the idea of privatization of the social security structure saying that it would create more losers with no assets to rely on during retirement.
• In his opinion, the best method of fixing social security and other entitlement programs is to reverse the policies which have 'ruled the roost' under the Bush administration. In this way, not only would the social security be stable and solvent for most of the American citizens but would also result in tax policies which are favorable for many of the middle-income groups in the country.
• Barack Obama also rules out the stock market option for social security saying that to encourage individuals to pursue a high-risk and high-investment strategy would be an inadvisable course of action. Instead, individuals should invest only those savings in the stock market which are not a part of the social security.
• According to Obama, there is nothing wrong with the fundamental model of social security but there is a long-term problem of the number of retirees exceeding the number of current workers. This can be rectified by raising the limit of payroll tax for wealthy individuals and exempting the middle class to the extent possible.
• To save the social security from becoming bankrupt, Obama feels that one option of preserving social security is to opt for a bipartisan solution which would not only enable the social security fund to remain solvent for the next many years to come but would also prevent its privatization.
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Mitt Romney on Social Security
All Presidential Candidates on Social Security
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