Saturday, February 05, 2005
Don't you hate it when that happens?: Democrats have often invoked the sainted name of FDR whenever it seems most convenient. When President Bush, in the State of the Union address, proposed partial privatization of Social Security -- FDR's most enduring accomplishment (and a Ponzi scheme) -- the Democrats were quick to rally around a statue of their hero.
But, there's a problem with that.
"In the important field of security for our old people, it seems necessary to adopt three principles: First, noncontributory old-age pensions for those who are now too old to build up their own insurance. It is, of course, clear that for perhaps 30 years to come funds will have to be provided by the States and the Federal Government to meet these pensions. Second, compulsory contributory annuities that in time will establish a self-supporting system for those now young and for future generations. Third, voluntary contributory annuities by which individual initiative can increase the annual amounts received in old age. It is proposed that the Federal Government assume one-half of the cost of the old-age pension plan, which ought ultimately to be supplanted by self-supporting annuity plans."
Yep, that was in FDR's message to Congress on Jan. 17, 1935.