In a recent interview with the American Association of Retired People (AARP), President Obama discussed unemployment, gas prices, tax cuts, and Social Security. He said that it will not take much to fix Social Security and to keep it from going broke, reports the Orlando Sentinel.
Many financial experts have said that the Social Security program is only sustainable by cutting benefits or raising taxes, but Obama disagrees, saying that only minor adjustments would do the job.
“Social Security is not in an immediate crisis,” the President told the magazine. “We can easily tweak the Social Security program while protecting current beneficiaries.”
The program has been hurt by the slow economy. Also the huge baby boom generation is retiring and draining Social Security resources.
At age 50, Obama has reached the AARP’s eligibility age. In the interview, he was optimistic about the prospects of adjusting the program, which was estimated last month that at its current rate will only be able to provide 75 percent of promised benefits by 2033.
From the Oval Office interview, the president said,“We can’t privatize it. We don’t want it to be subject to the winds in the stock market. We want it there for people over the long run.”
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