Obama - Financial Security

On November 7, 2007, Sen. Barack Obama delivered an unusual and inspiring campaign speech in which he outlined specific, outside-the-box plans to address the extreme financial challenges facing middle-class Americans.

Among the specific interesting points in Barack Obama's Agenda to Reclaim the American Dream were: Middle class tax cuts of up to $1,000 for working families. Guaranteed paid sick days for workers and expand the Family and Medical Leave Act. Help Americans buy and keep their homes. Reforming bankruptcy laws, predatory credit card policies, and abusive payday lending practices. Reduce health care costs by $2,500 for a typical family. Provide a $4,000 refundable tax credit for college tuition(See Barack Obama in 2008 Info Hub and News Center.)

Also see American Middle-Class Rage Over Bush Economic, Spending Priorities.

The following is the text of Sen. Obama's speech.

RECLAIMING THE AMERICAN DREAM
Delivered on November 7, 2007 in Bettendorf, Iowa

If you spend time in Washington, you hear a lot about the divisions in our country. About how we're becoming more separated by geography and ideology; race and religion; wealth and opportunity.

And we've had plenty of politicians who try to take advantage of these divisions - pitting Americans against one another, or targeting different messages to different audiences.

But as I've traveled around Iowa and the rest of the country these last nine months, I haven't been struck by our differences - I've been impressed by the values and hopes that we share.

In big cities and small towns; among men and women; young and old; black, white, and brown - Americans share a faith in simple dreams: A job with wages that can support a family. Health care that we can count on and afford. A retirement that is dignified and secure. Education and opportunity for our kids. Common hopes. American dreams.

These are dreams that drove my grandparents. After my grandfather served in World War II, the GI Bill gave him a chance to go to college, and the government gave them a chance to buy a home. They moved West, worked hard at different jobs, and were able to provide my mother with a decent education, to help raise me, and to save enough to retire.

These are dreams that drove my father-in-law. A city worker in Chicago, he was diagnosed with Multiple Sclerosis at the age of 30. But every day, even when he had to leave an hour earlier in the morning and rely on a walker to get him there, he went to work while his wife stayed home with the kids. And on that single salary, he provided for his family and sent my wife Michelle and her brother to college. His dream was to see them do better. And they have.

These are dreams that drove my mother. A single mom - even while relying on food stamps as she finished her education, she followed her passion for helping others, and raised my sister and me to believe that in America there are no barriers to success - no matter what color you are, no matter where you're from, no matter how much money you have.

And these are the dreams that led me to Chicago over two decades ago to become a community organizer. The salary - $12,000 a year - wasn't what my friends would make in the corporate world or at law firms.

I didn't know a single person in Chicago. But I knew there were folks who needed help. The steel plant had closed. Jobs were disappearing.

In a forgotten corner of America, the American dream was slipping away. And I knew dreams are worth fighting for.

(See Barack Obama in 2008 Info Hub and News Center.)

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2008 Race: Social Security

The Democratic candidates in the 2008 presidential race have remained largely mum in public forums and debates about Social Security.

And frankly, it bothers me that Barack Obama, one of the frontrunners in the Democratic race, skipped out entirely on the AARP debate on September 20, 2007. Obama's absence made me wonder if his positions on retirement security are weak compared to those of the other leading candidates, Hillary Clinton, John Edwards and Bill Richardson.

The Social Security-related issues Democrats most care about are : Do candidates pledge to not cut Social Security benefits? Do candidates oppose privatization of Social Security accounts? Do candidates plan to take steps to achieve long-term solvency?For more info, see Common Sense Says No to Social Security Privatization: 17 Facts about Social Security.

For my curiosity, and your information, I've researched the sparsely-documented positions of the four Democratic frontrunners on these three Social Security-related questions.

HILLARY CLINTON (See Rating Hillary Clinton - Cumulative 2008 Scorecard)

"Sen. Hillary Rodham Clinton told an AARP convention that, as president, she would move quickly to fix Social Security's long-term finances, but that cutting benefits or raising the eligibility age would be 'off the table.' " (Source - Wall Street Journal, Sept 8, 2007)

"The President’s proposal for private accounts would substitute Social Security’s long-standing promise of guaranteed, lifetime, inflation-protected benefits for benefits that would be tied to the fluctuations of the stock market.

"I oppose his idea to divert money from the Social Security program to establish private accounts. There are several key reasons why replacing Social Security with a privatized system would be harmful for Americans." (Source: The Senate website of Sen. Hillary Clinton)

Summary for Hillary Clinton on Social Security Does she pledge to NOT cut Social Security benefits? YES Does she oppose privatization of Social Security accounts? YES Does she plan to take steps to achieve long-term solvency? YESBARACK OBAMA (See Rating Barack Obama - Cumulative 2008 Scoreboard )

"As president, Barack Obama will protect and strengthen Social Security.

"Social Security is indispensable to our workers and our seniors. It is a great reflection of our values as a country. Barack Obama will make sure Social Security is solvent and viable for the American people, now and in the future. Two-thirds of beneficiaries depend on Social Security for more than half of their monthly income.

"Barack Obama fought against President Bush's efforts to privatize Social Security. As president, Obama will preserve Social Security by stopping any efforts to privatize it. Obama will work in a bipartisan way to maintain Social Security's solvency for future generations." (Source: Barack Obama '08 campaign website)

"Everything should be on the table. I think we should approach it the same way Tip O'Neill and Ronald Reagan did back in 1983. They came together. I don't want to lay out my preferences beforehand, but what I know is that Social Security is solvable. It is not as difficult a problem as we're going to have with Medicaid and Medicare." (Source: May 13, 2007 interview with George Stephanopoulos on ABC This Week)

Summary for Barack Obama on Social Security Does he pledge to NOT cut Social Security benefits? NO Does he oppose privatization of Social Security accounts? YES Does he plan to take steps to achieve long-term solvency? YESJOHN EDWARDS(See Rating John Edwards - Cumulative 2008 Scoreboard )

"Edwards is committed to protecting Social Security. He has strongly opposed President Bush's efforts to privatize it, which would cut guaranteed benefits and risked individuals' retirements in the stock market.

"The financing of Social Security can only be solved by a package of reforms that has the support of both Democrats and Republicans. Edwards supports a successor to the Greenspan commission appointed in 1981, dedicated to finding a solution that is non-ideological, strongly bipartisan, and committed to the goals of ensuring every American can retire with dignity and extending the life of the Trust Fund." (Source: John Edwards for President campaign website)

"The answer is not to cut Social Security benefits for those who need them and depend on them. The answer instead is to stop tax cuts for the wealthiest Americans." (Source: John Edwards in a February 26, 2004 interview with John King, CNN Senior White House correspondent)

Summary for John Edwards on Social Security Does he pledge to NOT cut Social Security benefits? YES Does he oppose privatization of Social Security accounts? YES Does he plan to take steps to achieve long-term solvency? YESBILL RICHARDSON(See Rating Bill Richardson - Cumulative 2008 Scoreboard )

"Opposes Bush plan allowing workers to divert some Social Security payroll taxes into private retirement accounts." (Source - CNN Election Central for Bill Richardson)

At the CNN-YouTube Democratic debate on July 24, 2007, Gov. Richardson stated that the U.S. should "stop talking about privatization (of Social Security." (Source: YouTube video clip)

No mention is made at the Bill Richardson for President campaign website about preserving Social Security benefits, about privatization or about resolving long-term solvency of the program.

Summary for Bill Richardson on Social Security Does he pledge to NOT cut Social Security benefits? NO Does he oppose privatization of Social Security accounts? YES Does he plan to take steps to achieve long-term solvency? NOT STATED

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