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Social Security turns 73
Yesterday was the 73rd anniversary of President Roosevelt signing the Social Security Act into law. Eric Rauchway has a great post highlighting how important the program has been, and how prescient FDR was about its importance.
My favorite bit:
After Roosevelt's own statement, the best early comment on the act's significance is probably Benjamin Cardozo's explanation in Helvering v. Davis, as the Court upheld the law:But the ill is all one, or at least not greatly different, whether men are thrown out of work because there is no longer work to do or because the disabilities of age make them incapable of doing it. Rescue becomes necessary irrespective of the cause. The hope behind this statute is to save men and women from the rigors of the poor house, as well as from the haunting fear that such a lot awaits them when journey's end is near.Social Security deserved that poetry. Along with the Civil Rights Act and the Voting Rights Act, it assuredly rates among the single acts of Congress that have done the most good most effectively for the most Americans.
(via Matthew Yglesias)
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You might enjoy this video of Roosevelt signing the enabling legislation.
For the libertarians who still don't get it, he makes it pretty clear that SS is an insurance program and not a pension plan.
http://www.youtube.com/watch?v=aVZijG4WSOw
August 15, 2008 1:39 PM | Reply | Permalink
And after the current wage tax restrictions are lifted, it will officially be welfare, a la the EU. that should be interesting.
August 15, 2008 3:00 PM | Reply | Permalink
The Obama people are backing off the donut hole/cap increase. Now they are scheduling it for 2018. Which is to say two years after Obama's potential second term. I doubt this is really going anywhere, Social Security's insurance model being a lot steadier than most people think.
You can see the discussion of this over at Andrew Biggs Tax Policy Center Blog on Obama's Empty Social Security Fix (note that Andrew is practically Mr. Personal Account having been a point man at Cato's Project for Social Security Privatization, and then briefly as Deputy Commissioner of SSA, and now at AEI. Which is to say he is no friend of Social Security. But he is a hell of an analyst and a worthy opponent, you need to keep your eye on him.)
August 15, 2008 3:43 PM | Reply | Permalink