FDR’s 70-yr-old plan for privatizing of Social Security
Yesterday Fox News was saying that, in a message to Congress on January 17, 1935 FDR stated he wanted individual annuities to be part of the Social Security program. Here are his actual words,
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.
That speech, BTW, was made at the start of the Social Security plan.