One thing we can’t afford to do though 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.

Forget privatizing Social Security. Just forget it, President Obama said in this morning's weekly address.

That agenda is wrong for seniors, it’s wrong for America, and I won’t let it happen. Not while I’m President. I’ll fight with everything I’ve got to stop those who would gamble your Social Security on Wall Street. Because you shouldn’t be worried that a sudden downturn in the stock market will put all you’ve worked so hard for – all you’ve earned – at risk. You should have the peace of mind of knowing that after meeting your responsibilities and paying into the system all your lives, you’ll get the benefits you deserve.

Using the opportunity offered by the 75th anniversary of the landmark program, President Obama reminded listeners of the origins of the safety net program, recommitted to the mission of Social Security and blasted Republican efforts to get the funds moved from the public sector and into the private. He also tied recent GOP attacks on the program to the conservative party's determination to overlook the benefits the health care reform legislation has extended to Medicare.

But some Republican leaders in Congress don’t seem to have learned any lessons from the past few years. They’re pushing to make privatizing Social Security a key part of their legislative agenda if they win a majority in Congress this fall. It’s right up there on their to-do list with repealing some of the Medicare benefits and reforms that are adding at least a dozen years to the fiscal health of Medicare – the single longest extension in history.

That "if they win a majority" bit is a good indication the White House sees preserving Social Security as a great issue for Democrats as we move into full-blown campaign season.

He finished off with a historical flourish … and a promise progressives everywhere should mark and pressure him to keep:

Seventy-five years ago today, Franklin Roosevelt made a promise. He promised that from that day forward, we’d offer – quote – “some measure of protection to the average citizen and to his family against…poverty-stricken old age.” That’s a promise each generation of Americans has kept. And it’s a promise America will continue to keep so long as I have the honor of serving as President. Thanks for listening. Thanks for watching. And have a nice weekend.

The full transcript can be found at the White House website and beneath the fold.