|May. 21st, 2006 02:00 pm A Historical perspective of Social Security|
FOOD FOR THOUGHTLeave a comment
by J.P. Bender
President Franklin Roosevelt introduced the Social Security (FICA) Program.
1.) That participation in the Program would be completely voluntary,
2.) That the participants would only have to pay 1% of the first $1,400
of their annual incomes into the Program,
3.) That the money the participants elected to put into the Program would be
deductible from their income for tax purposes each year,
4.) That the money the participants put into the independent "Trust Fund"
rather than into the General operating fund, and therefore,
would only be used to fund the Social Security Retirement Program,
and no other Government program, and,
5.) That the annuity payments to the retirees would never be taxed as income.
Sadly when President Bush mentioned the need to fix the problems of Social Security during a State of the Union Address, the Democrats in Congress laughed at him.