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Thursday, February 03, 2005

Blogley's Betcha Didn't Know This: Who was the First President to propose Private Social Security Accounts?

"In the important field of security for our old people, it seems necessary to adopt three principles: First, non-contributory old-age pensions for those who are now too old to build up their own insurance. It is, of course, clear that for perhaps thirty years to come funds will have to be provided by the States and the Federal Government to meet these pensions.
"Second, compulsory contributory annuities which in time will establish a self-supporting system for those now young and for future generations.
"Third, 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."

Double-triple bonus points if you know when this presidential statement was made and to whom it was addressed.