Tilted Forum Project Discussion Community - View Single Post - Bush's plan to forfeit your SS account profits

flstf · 02-04-2005, 06:04 PM

I didn't realize until recently that FDR proposed supplanting SS with self supported accounts:

Quote:

Franklin Roosevelt, the same man whom Bush quoted as saying that "each age is a dream that is dying, or one coming to birth"; the same man who gave birth to Social Security in the midst of recession; also said, in his Message to Congress on Social Security on Jan. 17, 1935:

"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."

Those are the same principles Bush is upholding today, and those Democrats who booed Bush derided them with the same exhalation of breath.

As the new Washington Examiner editorialized in its first edition:

"Consider this: If we let a worker earning a $24,000 invest all his and his employer's Social Security taxes in a modestly performing basket of stocks and bonds, he could retire with a nest egg worth more than $875,000. Social Security, by contrast, promises him benefits worth only $292,230. In effect, Social Security will rob this worker, and millions like him, of half a million dollars." http://www.techcentralstation.com/020305H.html

Sorry KMA-628, I see you covered this already in a previous post.