Saturday, February 05, 2005

# Posted 1:19 AM by Ariel David Adesnik  

JUMPING ON THE BANDWAGON: I've already had two readers (AL and VJB) send me this excerpt from FDR's message to Congress on Social Security from 1935, so its existence is clearly not a secret. But it's quite interesting, so here goes:
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 which 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. [Emphasis added]
You'd think that Bush's speechwriters would've discovered this quotation while researching his State of the Union address. But I guess they figured that FDR would be the last one to provide the President with ammunition for his struggle with the Democrats.
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