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Barack Obama on Social Security

Barack Obama's running mate is Joe Biden
Social Security is a social insurance program officially called "Old-Age, Survivors, and Disability Insurance" (OASDI), in reference to its three components. It is primarily funded through a dedicated payroll tax. The debate over social security is largely in how and who will control these accounts. The candidates offer many prescriptions which run the spectrum between private and public control of social security.

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Barack Obama strongly opposes privatizing social security through personal Social Security accounts

"Privatization is not something that I would consider. And the reason is this: Social Security is the floor. That's the baseline. Social Security is that safety net that can't be frayed and that we shouldn't put at risk."

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"We need to preserve Social Security by stopping any efforts to privatize it and will work across party lines to maintain Social Security's solvency for generations."

Campaign website, BarackObama.com, "Resource Flyers" Aug 26, 2007

Barack Obama strongly supports raising the earnings cap on Social Security, which is currently $102,000

"Q: We all know that Social Security is running out of money, but people who earn over $97,500 stop paying into Social Security. What is up with that? A: I think that it is an important option on the table, but the key, in addition to making sure that we don't privatize, because Social Security is that floor beneath none of us can sink."

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Subject all earnings, not just up to $97,500, to the payroll tax.

2007 YouTube Democratic Primary debate, Charleston SC Jul 23, 2007

"If we kept the payroll tax rate exactly the same but applied it to all earnings and not just the first $97,500, we could virtually eliminate the entire Social Security shortfall."

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