Obama Annouces Proposal to Protect Social Security

Sen. Barack Obama promised senior citizens Friday that as president, he would protect Social Security benefits and provide universal health care. To extend the life of Social Security, Obama proposed applying a payroll tax to annual incomes above $250,000, affecting the wealthiest 3 percent of Americans. The Democrat also proposed eliminating income tax for any retiree making less than $50,000. "Secure retirement is no longer a guarantee for the middle class,'' Obama said during a visit to Oakleaf Village retirement center with his wife, Michelle. "It's harder to save and harder to retire."