The White House
Social Security - Guiding Principles
Protecting Social Security
"President Obama believes that all seniors should be able to retire with dignity, not just a privileged few. He is committed to protecting Social Security and working in a bipartisan manner to preserve its original purpose as a reliable source of income for American seniors.
"The President stands firmly opposed to privatization and rejects the notion that the future of hard-working Americans should be left to the fluctuations of financial markets.
"In addition to preserving Social Security, President Obama will make it easier for Americans to save for retirement and prepare for unforeseen expenses. Currently 75 million working Americans—about half the workforce—lack access to retirement plans through their employers.
"The President’s budget lays the foundation for all Americans to participate in retirement accounts at work, enacting simple rules and automatic enrollment that experts estimate will increase savings participation to 80 percent for low- and middle-income workers."
Source - The White House website, April 2010