Obama says Social Security won't be privatized

Columbus, Ohio (CNN) -- President Barack Obama pledged that the Social Security system won't be privatized while he is in the White House.

In a town-hall style meeting with a few dozen residents of Columbus, Ohio, Obama said "modest" changes can keep the government pension system solvent for decades.

Republicans have called for transforming the government program to a private savings account as a way to help keep it going as America's aging population stresses its financial health.

"It will not be privatized as long as I'm president," Obama said to applause, noting that the economic recession and Wall Street collapse would have devastated the savings of retirees under a privatized Social Security system.

He said Social Security needed adjustments, not a total overhaul.

"There are some fairly modest changes that can be made without any newfangled schemes that can keep it running for 75 years so everybody gets what they deserve," Obama said.

Se the rest of the story at http://www.cnn.com/2010/POLITICS/08/18/obama.ohio.jobs/?hpt=T1