The president answered in the affirmative.
Insurance protects policy-holders against particular risks.
In the case of Social Security, the blows it cushions against are disability that leads to lost earnings, the death of a working spouse, inadequate pension coverage, high inflation during retirement, and outliving one's assets. Americans who confront those circumstances have been able to lead decent lives because of Social Security, while everyone else can rest assured that they, their parents, and their children won't suddenly face impoverishment. No one knows with certainty when they start their careers whether they will become disabled, whether they will be dependent on a working spouse who dies, whether they will retire with substantial financial wealth and a good pension, whether prices will soar during their retirement years, or whether they will live to be 100. As with all insurance programs, Social Security protects against those unpredictable eventualities by rewarding those who face them. Unlike other insurance programs, Social Security also makes payments to individuals who avoid the specified risks.