WSJ spins FDR - "Here's One Democrat Who Supports Private Accounts: FDR"

[paineinthearse]

Found on the RNC website - http://www.gop.com/news/read.aspx?ID=5140

Friday, February 04, 2005
In Case You Missed It: Here's One Democrat Who Supports Private Accounts: FDR

From The Wall Street Journal's Political Diary

February 4, 2005

Bush Steals His Best Idea from a Democrat

Republican members of Congress have a ready response for Democrats crying foul over President Bush's constant references to Franklin Roosevelt and other icons of liberalism to bolster his call for Social Security reform.

They note that in an address to Congress on January 17, 1935, President Roosevelt foresaw the need to move beyond the pay-as-you-go financing of the current Social Security system. "For perhaps 30 years to come funds will have to be provided by the States and the Federal Government to meet these pensions," the president allowed. But after that, he explained, it would be necessary to move to what he called "voluntary contributory annuities by which individual initiative can increase the annual amounts received in old age." In other words, his call for the establishment of Social Security directly anticipated today's reform agenda: "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," FDR explained.

"What Roosevelt was talking about is the need to update Social Security sometime around 1965 with what today we would call personal accounts," says one top GOP member of the Ways and Means Committee. "By my reckoning we are only about 40 years late in addressing his concerns on how make Social Security solvent."

For Entire Article Please Visit:
http://www.opinionjournal.com/politicaldiary/ (Subscription Required)

[papau]

1. WHAT WSJ BULLSHIT - the speech goes on to say that ADD-ON accounts are

needed (as in 401k and IRA and Clinton voluntary extra payroll deduction that was to go in private accounts - the add on private accounts that the GOP shot down in 1998).

NOT ONE WORD FROM FDR ABOUT CARVING OUT PRIVATE ACCOUNTS FROM THE SOCIAL SECURITY TAX.

[cthrumatrix]

3. Flush Limbaugh was spouting this crap Friday ---- co inky dink?

[dweller]

2. Typical Reichwing spin, debunked...

here:

Distorting FDR: Bennett and Hume claimed father of Social Security system wanted privatization
http://mediamatters.org/items/200502040010


on edit: What FDR really said, as explained by SSA.gov: The Roosevelt Administration's Proposal for Voluntary Annuities
http://www.ssa.gov/history/voluntaryannuities.html
"The proposal called for the government to sell annuity certificates to workers. These certificates could
then be cashed-in when a worker retired and used to purchase an increased annuity amount as a
supplement to their mandatory annuity, or to purchase a basic annuity if the worker was not eligible
under the mandatory system. Income from the sale of these certificates would go into the trust fund
along with the payroll taxes collected under the mandatory program."




dp

[Inland]

4. Roosevelt's grandson debunked this on AAR.

And he was also on a committee to reform SS, so he knows what he is talking about.

[liveoaktx]

6. Vid Clip- James Roosevelt on Cspan

He was torqued about Bush and others using his grandfather to push private accounts. He emphasized that SS is meant to be INSURANCE not INVESTMENT

James Roosevelt on SS

[zbdent]

5. Well, they are right about one thing

"Bush steals his best idea from a Democrat". Most of the "good" ideas that Bush were stolen. The actual payment of $400 started as a Dem idea. Too bad that Bush made it into an "advance" on the person's probable refund.

Even one of his favorite jokes about 9/11 came about after stealing a promise from Al Gore - "I would only consider deficit spending in a time of war or emergency." Bush embellished it with " or a recession. Lucky me, I hit the trifecta."

Most of his worst ideas come from his own head.

[leftyandproud]

7. well, that FDR quote is pretty damning...

"For perhaps 30 years to come funds will have to be provided by the States and the Federal Government to meet these pensions," But after that, it would be necessary to move to "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." --FDR