President Roosevelt, the author of Social Security, was the first to suggest that, in order to provide for the country's retirement needs, Social Security would need to be supplemented by personal savings accounts.
Sentiment: NEGATIVE
We promote domestic savings by also things like the personal accounts associated with the president's Social Security initiative, which over time would generate more savings.
I am a huge admirer of Franklin Roosevelt's, and I believe social security has done untold good in alleviating the once-widespread issue of poverty among the elderly. FDR believed in the greatness and generosity of Americans - but he was also a cold-blooded politician.
Since Social Security was established by President Franklin D. Roosevelt in 1935 to ensure economic security for American workers, poverty among American seniors has dramatically declined.
Since Social Security faces a large gap between what it promises younger workers and what it can afford to pay them, private savings will likely need to play a larger role in retirement planning for younger workers.
The main purpose of Social Security is to redistribute wealth, to make an increasingly large number of Americans dependent on government for their basic needs in their retirement years.
Voluntary personal savings accounts would enable future retirees to harness the power of the marketplace when saving for their retirements.
Social Security is a plan that actually was designed in a much different time, in a different era, and with a different set of American demographics in mind.
Social Security is the very foundation of retirement security for millions of Americans.
From the employees' standpoint, in 1935, Social Security was a big gamble. Employees would be required to participate in the program, contributing a percentage of their income for their entire adult working life.
Social Security should have a self-sustaining portion that was funded by contributions from both employers and employees. That's what we know and have known for 70 successful years.