Tuesday, August 14, 2012

Social Security 77 Today: Hope you make it to 78

FDR Signs Social Security Law, 1935

Romney-Ryan Solution for Tomorrow

We can see how effective Social Security has been from all sorts of data, like from here:

Today marks the 77th anniversary of President Franklin Delano Roosevelt signing the Social Security Act into law, creating arguably America’s most successful social program.

“We can never insure one hundred percent of the population against one hundred percent of the hazards and vicissitudes of life, but we have tried to frame a law which will give some measure of protection to the average citizen and to his family against the loss of a job and against poverty-ridden old age,” FDR said on that day.

Then we can compare that with the untested plan Romney-Ryan wants, like this:

NEW YORK (CNNMoney) -- Paul Ryan has long wanted to let Americans invest part of their Social Security taxes in private investment accounts. After legislation he co-sponsored in 2005 went nowhere, Ryan included a detailed plan to privatize Social Security in his budget proposal in 2010. Under that plan, he would allow workers to funnel an average of roughly 40% of their payroll taxes into personal retirement accounts.
Mitt Romney, who chose Ryan as his running mate, has also voiced his support for private accounts. He said he likes the idea of allowing people to put some of their funds in accounts with higher returns than Social Security, adding: "Personal accounts will be a big plus." (A town hall meeting in 2007).

Lately, however, neither Ryan nor Romney have said much about private Social Security accounts lately. In fact, Ryan dropped it from his more recent budget proposals, while Romney doesn't mention it on his campaign Web site.

Why is that do you suppose? A wait and see game that will allow it to become a stealth issue for after they win? I don't think so.

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