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Monday, August 13, 2012
The genius of FDR: Social Security is not an entitlement
As FDR recalled in 1941, “We put those payroll contributions there so as to give the contributors a legal, moral and political right to collect their pensions…With those taxes in there, no damn politician can ever scrap my social security program.”
Social security was to be an insurance fund. People paid in during their working years and received payouts when they stopped working. The money was theirs, by contractual right. They didn’t have to beg Congress for it.