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View Diary: New anti-social security ad (304 comments)

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  •  It's good to remember when framing ads ... (4.00)
    ... on this that all the Republicans voted against the Social Security Act in the Ways and Means committee of the House of Representatives in 1935 after a seven-month -long fight over the legislation in its various forms. Leftists, including unions, opposed the bill because it didn't go far enough. For instance, the old-age insurance portion came under sharp attack.

    During the full floor debate, New York Republican Daniel Reed said: "The lash of the dictator will now be felt."  And New York Republican James Wadsworth, said Social Security would "pull the pillars of the temple down upon the heads of our descendants."


    A now almost-forgotten part of the Economic Security Act, Title V, proposed voluntary old-age annuities to supplement compulsory old-age insurance.  All workers, including those excluded from the compulsory system, would have been allowed to make periodic voluntary deposits--in effect, loans--to the old-age fund.  Workers who participated would hold certificates representing amounts they had deposited.  At 65, workers would trade in their certificates for annuities, paying up to a maximum of $100 per annuitant per month, based on their total deposits plus interest.  Title V would have helped workers save for retirement, and would have helped the government raise revenue for the payment of old-age benefits.

    Insurance companies hated Title V because it would have put the government in competition with it over selling annuities.

    Bush: Taking the "social" and the "security" out of Social Security.

    We don't inherit the Earth from our ancestors, we borrow it from our children. - David Brower

    by Meteor Blades on Wed Jan 12, 2005 at 02:16:22 PM PST

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