Obama pledges to protect Social Security
During appearance in Ohio, president also acknowledges that the economy has not recovered as he would like.
With his party attempting to convince voters that Republicans threaten the stability of Social Security, President Obama on Wednesday morning seized on a question from a voter in Ohio to pledge that he will protect the system as it is.
In a backyard in Columbus as part of his five-state tour this week, the president said he is adamant that Social Security "will not be privatized as long as I'm president." Less than three months from congressional elections where Democrats fear losing their majorities, Obama and his allies are trying to revive memories of former President George W. Bush's unsuccessful effort to privatize the system, even though few Republicans are pushing that now.
Obama said his debt commission will look at Social Security and what he called the "bunch of ways" it could be improved. But he said, "Social Security is not in crisis," adding, "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."
The president acknowledged to the voters that the economy is not where he had hoped it would be. He blamed the housing market, calling it "still a big drag on the economy" because of overbuilding in recent years, particularly in California, Arizona, Nevada and Florida. "All that inventory that happened during the housing bubble, it's still out there," he said, saying it will take "a whole bunch of years" for the market to settle down. "There's no really quick way to do it," he said, "because we're talking about a $5 trillion market, and we can't plug that big hole in terms of all the housing that needs to be absorbed."
One woman told the president she was having trouble finding affordable child care that would let her work. Obama said he would like to make the child-care tax credit "stronger" but blamed opponents in Congress. "This is one of those back-and-forths we've been having with the Republicans because we actually think it is a good idea and they don't," he said.