Obama: GOP would 'gamble' Social Sec.

WASHINGTON, Aug. 14 (UPI) -- U.S. President Barack Obama said Saturday he will "fight with everything I've got to stop those who would gamble your Social Security on Wall Street."

In his weekly radio and Internet address, the president observed the 75th anniversary of Social Security being signed into law and said he is "committed to working with anyone, Democrat or Republican, who wants to strengthen Social Security."

"But what we can't afford to do is privatize Social Security -- an ill-conceived idea that would add trillions of dollars to our budget deficit while tying your benefits to the whims of Wall Street traders and the ups and downs of the stock market," Obama said.

The president, alluding to a proposal in 2005 by former President George W. Bush, said the issue of privatizing Social Security has already been debated and rejected. He said "the financial crisis we've just experienced" illustrates the risk of privatization.

"I'd have thought, after being reminded how quickly the stock market can tumble, after seeing the wealth people worked a lifetime to earn wiped out in a matter of days, that no one would want to place bets with Social Security on Wall Street; that everyone would understand why we need to be prudent about investing the retirement money of tens of millions of Americans," Obama said.

"But some Republican leaders in Congress don't seem to have learned any lessons from the past few years," he said. "They're pushing to make privatizing Social Security a key part of their legislative agenda if they win a majority in Congress this fall."

Obama said he would not "let it happen."

"I'll fight with everything I've got to stop those who would gamble your Social Security on Wall Street," he said.