Social Security (United States)

"Now, Social Security through the years, for many many people, has been a terrible investment. It's really a tax, that's all it is. Social Security is a tax."

"Republicans have racialized poverty, and Democrats have run from poverty. And we’re forcing them to deal with the reality. We are very political, but we’re not partisan... There is not some separation between Jesus and justice; to be Christian is to be concerned with what’s going on in the world... All the victories we enjoy today—voting rights, Social Security, minimum wage—100 years ago were seen as virtually impossible...Everything we won, people had to start winning in the midst of opposition that looked like it was overwhelming. I believe that’s the moment we’re in right now."

"My views are more akin to the nineteenth-century liberal philosophy espoused by Milton Friedman, especially in his Capitalism and Freedom. In that work, he proposed many policies that are harmonious with free markets and are receiving serious attention in the United States and other countries. This list includes school choice, the flat-rate income tax, rules for monetary stability, privatized social security, and the elimination of affirmative-action programs."

"We have a president who apparently loves instability and revolution, and that is the antithesis [pointing at blackboard] of those two words, "Social Security"."

"To avoid large and unsustainable budget deficits, the nation will ultimately have to choose among higher taxes, modifications to entitlement programs such as Social Security and Medicare, less spending on everything else from education to defense, or some combination of the above."

"For our seniors, Social Security is a sacred obligation, a sacred promise made. The current president is threatening to break that promise. He's proposing to eliminate the tax that pays for almost half of Social Security without any way of making up for that lost revenue. I will not let it happen. If I'm your president, we're going to protect Social Security and Medicare. You have my word."

"You know, my dad used to have an expression. He said: "Joey, don't tell me what you value. Show me your budget; I'll tell you what you value." And that's at the heart of this debate: What do we value? Protecting seniors. You may remember, during my State of the Union Address there were a spirited—there was a spirited exchange between me and a few Republicans spontaneously occurring on the floor of the House of Representatives. I was pointing out that, for years, some of them were putting forward proposals to cut Social Security and Medicare. And some of them that night took exception, and they said very loudly that that wasn't true. So I asked them on the House that night. I said—asked them a simple question: Will you agree not to cut Social Security and not to cut Medicare? Would they agree to protect these essential programs that are a lifeline for millions of Americans? Programs that these Americans have been paying into every single pay check they've earned since they started working and that provide so much peace of mind. With the bright lights and cameras on, those few Republicans who were protesting, they agreed. They said they wouldn't cut it. That's how we protected Social Security and Medicare from the beginning and from it being cut, period."

"I don't know if Bernie Madoff got his idea from there, but if there's ever a Ponzi scheme, people say Madoff was the biggest? Wrong. Social Security is, far and away,"

"Well alright, anyone who has dreams of world empire, look what it did to Britain. There's a reason that whole country is one big Smith song. That's actually one exciting thing about studying history, there did come a point towards the end of the 19th century where the British were just like, "this ain't worth it mate". There's a reason why in 1945 they gave us the keys to the world. They were like, "here, it's yours, take it, go, we're fine, no? India, go. Africa, go." Because they'd had enough. Because it's really hard, we can't even run ourselves. We literally have people storming our capital with signs saying , "government, keep your hands off my social security". If we can't handle that, do we really want to try and run, Africa? I think what we need is not so much world empire, I think we need closer cooperation, closer alliances."

"Like Thelma and Louise, Medicare and Social Security are headed for the cliff. And we are in the back seat."

"And there's one thing I hope we will be able to agree on. It's about our commitments. I'm talking about Social Security. To every American out there on Social Security, to every American supporting that system today, and to everyone counting on it when they retire, we made a promise to you, and we are going to keep it. We rescued the system in 1983, and it's sound again -- bipartisan arrangement. Our budget fully funds today's benefits, and it assures that future benefits will be funded as well. The last thing we need to do is mess around with Social Security."

"Seventh, we must get the Federal deficit under control. We now have, in law, enforceable spending caps and a requirement that we pay for the programs we create. There are those in Congress who would ease that discipline now. But I cannot let them do it, and I won't. My plan would freeze all domestic discretionary budget authority, which means no more next year than this year. I will not tamper with Social Security, but I would put real caps on the growth of uncontrolled spending. And I would also freeze Federal domestic Government employment. And with the help of Congress, my plan will get rid of 246 programs that don't deserve Federal funding. Some of them have noble titles, but none of them is indispensable. We can get rid of each and every one of them."

"Social Security has been called the third rail of American politics, the one you're not supposed to touch because it might shock you. But if you don't touch it, you cannot fix it. And I intend to fix it. To the seniors in this country, you earned your benefits, you made your plans, and President George W. Bush will keep the promise of Social Security. No changes, no reductions, no way. Our opponents will say otherwise. This is their last parting ploy, and don't believe a word of it. Now is the time—now is the time for Republicans and Democrats to end the politics of fear and save Social Security together."

"Another priority in my budget is to keep the vital promises of Medicare and Social Security, and together we will do so. To meet the health care needs of all America's seniors, we double the Medicare budget over the next 10 years. My budget dedicates $238 billion to Medicare next year alone, enough to fund all current programs and to begin a new prescription drug benefit for low-income seniors. No senior in America should have to choose between buying food and buying prescriptions. To make sure the retirement savings of America's seniors are not diverted into any other program, my budget protects all $2.6 trillion of the Social Security surplus for Social Security and for Social Security alone."

"We must also confront the larger challenge of mandatory spending, or entitlements. This year, the first of about 78 million baby boomers turn 60, including two of my dad's favorite people—me and President Clinton. This milestone is more than a personal crisis— it is a national challenge. The retirement of the baby boom generation will put unprecedented strains on the Federal Government. By 2030, spending for Social Security, Medicare, and Medicaid alone will be almost 60 percent of the entire Federal budget. And that will present future Congresses with impossible choices: staggering tax increases, immense deficits, or deep cuts in every category of spending. Congress did not act last year on my proposal to save Social Security, yet the rising cost of entitlements is a problem that is not going away. And every year we fail to act, the situation gets worse. So tonight I ask you to join me in creating a commission to examine the full impact of baby boom retirements on Social Security, Medicare, and Medicaid. This commission should include Members of Congress of both parties and offer bipartisan solutions. We need to put aside partisan politics and work together and get this problem solved."

"They don't want people who are smart enough to sit around a kitchen table and think about how badly they're getting fucked by a system that threw them overboard 30 fuckin' years ago. They don't want that. You know what they want? They want obedient workers. Obedient workers, people who are just smart enough to run the machines and do the paperwork. And just dumb enough to passively accept all these increasingly shittier jobs with the lower pay, the longer hours, the reduced benefits, the end of overtime and vanishing pension that disappears the minute you go to collect it. And now they're coming for your Social Security money. They want your fuckin' retirement money. They want it back so they can give it to their criminal friends on Wall Street. And you know something? They'll get it. They'll get it all from you sooner or later 'cause they own this fuckin' place. It's a big club and you ain't in it. You and I are not in the big club. ...The table is tilted, folks. The game is rigged and nobody seems to notice. ...And nobody seems to notice. Nobody seems to care. That's what the owners count on. The fact that Americans will probably remain willfully ignorant of the big red, white and blue dick that's being jammed up their assholes every day, because the owners of this country know the truth. It's called the American Dream, 'cause you have to be asleep to believe it."

"Over 105 in [Los Angeles]]"

"One of the highest priorities of my Administration has been to continue the tradition of effectiveness and efficiency widely associated with the social security program, and to assure present and future beneficiaries that they will receive their benefits as expected. The earned benefits that are paid monthly to retired and disabled American workers and their families provide a significant measure of economic protection to millions of people who might otherwise face retirement or possible disability with fear. I have enacted changes to improve the benefits of many social security beneficiaries during my years as President. The last four years have presented a special set of concerns over the financial stability of the social security system. Shortly after taking office I proposed and Congress enacted legislation to protect the stability of the old age and survivors trust fund and prevent the imminent exhaustion of the disability insurance trust fund, and to correct a flaw in the benefit formula that was threatening the long run health of the entire social security system. The actions taken by the Congress at my request helped stabilize the system. That legislation was later complemented by the Disability Insurance Amendments of 1980 which further bolstered the disability insurance program, and reduced certain inequities among beneficiaries. My commitment to the essential retirement and disability protection provided to 35 million people each month has been demonstrated by the fact that without interruption those beneficiaries have continued to receive their social security benefits, including annual cost of living increases. Changing and unpredictable economic circumstances require that we continue to monitor the financial stability of the social security system. To correct anticipated short-term strains on the system, I proposed last year that the three funds be allowed to borrow from one another, and I urge the Congress again this year to adopt such interfund borrowing. To further strengthen the social security system and provide a greater degree of assurance to beneficiaries, given projected future economic uncertainties, additional action should be taken. Among the additional financing options available are borrowing from the general fund, financing half of the hospital insurance fund with general revenues, and increasing the payroll tax rate. The latter option is particularly unpalatable given the significant increase in the tax rate already mandated in law. This Administration continues to oppose cuts in basic social security benefits and taxing social security benefits. The Administration continues to support annual indexing of social security benefits."

"I'd like to give you one example. His name is Richard Dean. He's a 49-year-old Vietnam veteran who's worked for the Social Security Administration for 22 years now. Last year he was hard at work in the Federal Building in Oklahoma City when the blast killed 169 people and brought the rubble down all around him. He reentered that building four times. He saved the lives of three women. He's here with us this evening, and I want to recognize Richard and applaud both his public service and his extraordinary personal heroism. But Richard Dean's story doesn't end there. This last November, he was forced out of his office when the Government shut down. And the second time the Government shut down he continued helping Social Security recipients, but he was working without pay. On behalf of Richard Dean and his family, and all the other people who are out there working every day doing a good job for the American people, I challenge all of you in this Chamber: Let's never, ever shut the Federal Government down again. On behalf of all Americans, especially those who need their Social Security payments at the beginning of March, I also challenge the Congress to preserve the full faith and credit of the United States, to honor the obligations of this great Nation as we have for 220 years, to rise above partisanship and pass a straightforward extension of the debt limit and show people America keeps its word."

"Our fiscal discipline gives us an unsurpassed opportunity to address a remarkable new challenge, the aging of America. With the number of elderly Americans set to double by 2030, the baby boom will become a senior boom. So first, and above all, we must save Social Security for the 21st century. Early in this century, being old meant being poor. When President Roosevelt created Social Security, thousands wrote to thank him for eliminating what one woman called "the stark terror of penniless, helpless old age." Even today, without Social Security, half our Nation's elderly would be forced into poverty. Today, Social Security is strong. But by 2013, payroll taxes will no longer be sufficient to cover monthly payments. By 2032, the Trust Fund will be exhausted and Social Security will be unable to pay the full benefits older Americans have been promised. The best way to keep Social Security a rocksolid guarantee is not to make drastic cuts in benefits, not to raise payroll tax rates, not to drain resources from Social Security in the name of saving it. Instead, I propose that we make the historic decision to invest the surplus to save Social Security. Specifically, I propose that we commit 60 percent of the budget surplus for the next 15 years to Social Security, investing a small portion in the private sector, just as any private or State Government pension would do. This will earn a higher return and keep Social Security sound for 55 years. But we must aim higher. We should put Social Security on a sound footing for the next 75 years. We should reduce poverty among elderly women, who are nearly twice as likely to be poor as our other seniors. And we should eliminate the limits on what seniors on Social Security can earn. Now, these changes will require difficult but fully achievable choices, over and above the dedication of the surplus. They must be made on a bipartisan basis. They should be made this year. So let me say to you tonight, I reach out my hand to all of you in both Houses, in both parties, and ask that we join together in saying to the American people: We will save Social Security now. Now, last year we wisely reserved all of the surplus until we knew what it would take to save Social Security. Again, I say, we shouldn't spend any of it, not any of it, until after Social Security is truly saved. First things first."

"Guaranteeing equal pay won’t just increase paychecks for women – it will boost family budgets and get incomes rising across the board. And I don’t understand why Trump’s against that. Paid family leave won’t only make life easier for Moms and Dads – it will also keep skilled, talented Americans in the workforce and grow our economy. That’s why every other advanced country already has it. Again, he’s against it. Raising the federal minimum wage won’t just put more money in the pockets of low-income families – it also means they will spend more at the businesses in their neighborhoods. Trump’s against that as well. ... And protecting and expanding Social Security doesn't just help older Americans retire with dignity – it helps to ease burdens on families and communities. And I also believe the same thing about comprehensive immigration reform."

"To pay tribute to those great Americans on whose shoulders we stand, we are honor-bound to keep our promise to protect Social Security. Last year, for the first time in thirty-nine years, the federal budget was balanced without dipping into the Social Security trust fund. We'll do it again this year, and we'll pay down even more of the national debt. We've already paid off 150 billion dollars in the last two years. Now, our goal is to eliminate the 3.6 trillion-dollar debt entirely in the next 15 years."

"We're always told that we need to amnesty illegals to shore up Social Security. How, exactly, are people who make so little money that they don't pay income taxes going to save Social Security?"

"We speak -- We speak for young people demanding an education and a future. We speak for senior citizens. We speak for senior citizens who are terrorized by the idea that their only security, their Social Security, is being threatened. We speak for millions of reasoning people fighting to preserve our environment from greed and from stupidity. And we speak for reasonable people who are fighting to preserve our very existence from a macho intransigence that refuses to make intelligent attempts to discuss the possibility of nuclear holocaust with our enemy. They refuse. They refuse, because they believe we can pile missiles so high that they will pierce the clouds and the sight of them will frighten our enemies into submission."

"We believe, as they do, that America's prosperity must work for all Americans. When President Bush proposes ideas that bring us closer to that goal, like his literacy initiative or increases in military pay, we will work with him, and work hard, to turn those ideas into laws. When he makes proposals with which we disagree, we'll work with him to find common ground. But when he insists on proposals that threaten the prosperity of all Americans or that harm Social Security or Medicare, we will fight, and fight hard, to put the interests of working families first."

"Millennials are the first generation of US Americans to have life prospects worse than their parents. The astronomical student debt load means that many young people put off the major purchases and life events linked to adulthood in the US -- buying a car or a house, getting married. At the same time, in highly populated cities like San Francisco, LA, Seattle, and NYC, rents are out of control. And we don’t have national healthcare. So paying for the basics of everyday life has become impossible. And we are told repeatedly that social security is in crisis and won’t survive. As one young person told me: 'My retirement program is socialism'."

"We have built foundations for the security of those who are faced with the hazards of unemployment and old age; for the orphaned, the crippled, and the blind. On the foundation of the Social Security Act we are determined to erect a structure of economic security for all our people, making sure that this benefit shall keep step with the ever-increasing capacity of America to provide a high standard of living for all its citizens."

"The second thing I want to talk about is Social Security. A year ago in his State of the Union speech, the president said he was committed to saving Social Security. I'm glad to hear him discuss it again this evening. Unfortunately spending the surplus as he proposes will not save Social Security. It just temporarily props it up with extra cash. Mr. President, we're still waiting for real legislation. We've reserved H.R. 1, the very first bill of this Congress, for the president's Social Security plan. There's one thing we all can agree on—one non-negotiable principle—we must keep our contract with our senior citizens who depend on Social Security for part of all of their retirement income. This nation made that promise long ago, and we will keep that promise. But Social Security needs not just to be patched up. It needs to be updated for the 21st century. People today want and expect to have more control over their lives and over their money. But President Clinton's approach, as you've just heard, gives the government more control of your retirement income. The Social Security dollars deducted from your paycheck currently earn less than 3 percent a year. That's not enough of a return; that's not going to keep Social Security solvent; and it's especially not fair to young people and women. For example, the current system works against mothers who choose to step out of their job for a while, away from their career, to raise children or to care for parents. It works against wives, who more often than not, survive their husbands and they end up living for more years on fewer dollars. And it works against young people who believe they'll never see a Social Security check. Here's a better way. Giving working Americans the choice to invest some of their Social Security dollars in personal retirement accounts. We can do this without touching a dime in Social Security funds, without raising one nickel in taxes, and without touching one penny of current benefits. A new century requires a new beginning—in approaches, in ideas, and, yes, in civility and cooperation between political parties. I'd like to close on a personal note. I'm a mother, a gardener, a Republican and a member of Congress. Believe me, all four take patience. My boys thankfully turned out to be wonderful young men. My plants at home unfortunately need a lot of work. And as for my efforts in the Congress, I am constantly planting and watering."

"Should any political party attempt to abolish social security, unemployment insurance, and eliminate labor laws and farm programs, you would not hear of that party again in our political history."

"Vote to stand tall against terrorists; receive Social Security privatization. Vote to strike a blow against elitism; receive a social order in which wealth is more concentrated than ever before in our lifetimes, in which workers have been stripped of power and CEOs are rewarded in a manner beyond imagining."

"If you play by the rules, you deserve a fair day's pay for a fair day's work. It isn't right that, if trends continue, by the year 2000 nearly all of the poor people in America will be women and children. The rules of a decent society say: When you distribute sacrifice in times of austerity, you don't put women and children first. It isn't right that young people today fear they won't get the Social Security they paid for, and that older Americans fear that they will lose what they have already learned [earned]. Social Security is a contract between the last generation and the next, and the rules say: You don't break contracts. We are going to keep faith with older Americans. We hammered out a fair compromise in the Congress to save Social Security. Every group sacrificed to keep the system sound. It is time Ronald Reagan stopped scaring our senior citizens."

"Now let me speak about social security. Our Federal social security system for people who have worked and contributed to it for all their lives is a vital part of our economic system. Its value is no longer debatable. In my budget for fiscal year 1977, I am recommending that the full cost-of-living increases in the social security benefits be paid during the coming year. But I am concerned about the integrity of our Social Security Trust Fund that enables people--those retired and those still working who will retire--to count on this source of retirement income. Younger workers watch their deductions rise and wonder if they will be adequately protected in the future. We must meet this challenge head on. Simple arithmetic warns all of us that the Social Security Trust Fund is headed for trouble. Unless we act soon to make sure the fund takes in as much as it pays out, there will be no security for old or for young. I must, therefore, recommend a three-tenths of 1 percent increase in both employer and employee social security taxes effective January 1, 1977. This will cost each covered employee less than 1 extra dollar a week and will ensure the integrity of the trust fund."

"Let me take the example which is today the greatest sacred cow of them all—Social Security. Was there an overwhelming demand for Social Security in the 1930s when the law was adopted? Far from it. There was no public demand for it, it had to be sold. How was it sold? By the slickest devices of Madison Avenue, by imaginative packaging and deceptive labeling. Social Security was sold as an insurance scheme. It is not an insurance scheme. There is very little relationship to the amount of money any one individual pays and the amount of money he is entitled to receive. Social Security is a combination of a bad tax system with a bad way of distributing welfare… If you look at the tax system, who could defend a wage tax, a tax on wages up to a maximum, a tax on work, a tax which discourages employers from hiring people, and discourages people from going to work; a tax which is borne by the lowest wage group, workers? It is a regressive tax. You could never in a million Sundays… have gotten such a tax passed as a tax."

"Our plan provides $900 billion in tax cuts for all Americans. Our plan protects every dollar of the Social Security and Medicare trust funds. It strengthens Medicare and adds an affordable prescription drug benefit so seniors don't have to choose between food and medicine. It strengthens Social Security rather than subjecting it to a volatile stock market, so that it will be there, not only for the baby boomers, but for their children and their grandchildren."

"I'll fight for a new tax-free way to help you save and build a bigger nest egg for your retirement. I'm talking about something extra that you can save and invest for yourself, something that will supplement Social Security, not be subtracted from it. But I will not go along with any proposal to strip $1 out of every $6 dollars from the Social Security Trust Fund and privatize the Social Security that you're counting on. That's Social Security minus. Our plan is Social Security plus. We will balance the budget every year and dedicate the budget surplus first to saving Social Security."

"In the face of the COVID-19 tsunami, our lives are changing in ways that were inconceivable just a few short weeks ago. Not since the 2008–9 economic collapse has the world collectively shared an experience of this kind: a single, rapidly mutating global crisis, structuring the rhythm of our daily lives within a complex calculus of risk and competing probabilities. In response, numerous social movements have put forward demands that take seriously the potentially disastrous consequences of the virus, while also tackling the incapacity of capitalist governments to adequately address the crisis itself. These demands include questions of worker safety, the necessity of neighborhood-level organizing, income and social security, the rights of those on zero-hour contracts or in precarious employment, and the need to protect renters and those living in poverty."

"Franklin Roosevelt's New Deal has become a conservative force in American life. In saying this, I do not intent for a moment to dismiss the enduring significance of the social and political struggles of the Thirties. The old lassez-faire myths were decisively shattered, government recognized its duty to promote full employment, Social Security was accepted as a national principle, the mass-production workers created the CIO - and this is only the beginning of a list of accomplishments of those times. The welfare state which was begun then is manifestly imperfect and often unjust. Yet it took the United States a giant stride beyond the decade of Warren Harding, Calvin Coolidge, and Herbert Hoover. Still, the Rooseveltian program did not solve the central problem of the Depression: mass unemployment."

"Eleven times the voters of the 14th District of Illinois hired me as their representative. It's been a journey that we've traveled together -- and every year brought new challenges. I am proud of so many of the things that I was able to work on over those years: working to make health care more affordable and accessible by creating tax-free health savings accounts; delivering on long-awaited prescription drug coverage for seniors while at the same time modernizing Medicare for the 21st century; passing two of the largest tax relief packages for working Americans in our nation's history, which encouraged Americans to invest and small businesses to grow and to create new jobs; and reducing the unfair social security earnings limit on our senior citizens that needed to work. And back home in Illinois, I was proud to work on environmental issues like the removal of the dangerous thorium tailings from West Chicago Illinois and preserving the vital drinking water supply of the people of the Fox Valley. But ultimately, the most important responsibility for any of us who serve this House is to provide for the defense of this nation. It's our most solemn obligation."

"There are two main differences between Ponzi’s original scam and the Social Security system. The first difference is that Social Security is run by the government and, whatever its constitutionality and its questionable ethics, is legal. The second difference follows from the first: Whereas Ponzi had to rely on suckers, the government can and does use force."

"The major driver of our long-term liabilities, everybody here knows, is Medicare and Medicaid and our health care spending. Nothing comes close. Social Security we could probably fix the same way Tip O'Neill and Ronald Reagan sat down together and they could figure something out. That is manageable. Medicare and Medicaid -- massive problem down the road. That's where -- that's going to be what our children have to worry about."

"We don't have a health care system. We have a health care maze. And we don't have a health care crisis. We have a health crisis. Eighty percent of the $2 trillion we spend on health care in this country is spent on chronic disease. If we don't change the health of this nation by focusing on prevention, we're never going to catch up with the costs no matter what plan we have. … And we've got a situation with 10,000 baby boomers a day signing up for Social Security, going into the Medicare system. And I just want to remind everybody when all the old hippies find out that they get free drugs, just wait until what that's going to cost out there."

"Under this regime we look at Social Security. The '81 budget cuts included nine permanent Social Security benefit cuts totaling 20 billion over five years. Small businesses have suffered under Reagan tax cuts. Only 18 percent of total business tax cuts went to them; 82 percent to big businesses. Health care under Mr. Reagan has already been sharply cut. Education under Mr. Reagan has been cut 25 percent. Under Mr. Reagan there are now 9.7 million female head families. They represent 16 percent of all families. Half of all of them are poor. 70 percent of all poor children live in a house headed by a woman, where there is no man. Under Mr. Reagan, the Administration has cleaned up only 6 of 546 priority toxic waste dumps. Farmers' real net income was only about half its level in 1979."

"Since we enacted the Social Security Act back in 1935, Congress has recognized the necessity to "make more adequate provision for aged persons . . . through maternal and child welfare . . . and public health." Those are the words of the Congress--"more adequate." The time has come, I think, to make it more adequate. I believe we should increase social security benefits, and I am so recommending tonight. I am suggesting that there should be an overall increase in benefits of at least 13 percent. Those who receive only the minimum of $55 should get $80 a month."

"It was the American Revolution's patriot and pamphleteer, Thomas Paine... who launched the social-democratic tradition in the 1790s. In his pamphlets, Rights of Man and Agrarian Justice, Paine outlined plans for combating poverty that would become what we today call Social Security. As Paine put it in the latter work, since God has provided the earth and the land upon it as a collective endowment for humanity, those who have come to possess the land as private property owe the dispossessed an annual rent for it. Specifically, Paine delineated a limited redistribution of income by way of a tax on landed wealth and property. The funds collected were to provide both grants for young people to get started in life and pensions for the elderly."

"To a degree, we have been attacking the problem by increasing purchasing power through higher wage scales and increased Social Security benefits. But these measures are exercised with restraint and come only as a consequence of organized struggles...Those at the lowest economic level, the poor white, the Negro, the aged, are traditionally unorganized and have little or no ability to force a growth in their consumer potential. They stagnate or become even poorer in relation to the larger society."

"By 1980, the work of Feldstein, Boskin, Summers, and others had convinced many economists that U.S. taxes were in fact a significant obstacle to investment. Nor was this all: another major U.S. policy, the Social Security system, was also discouraging saving and investment."

"While some fantasize about being "masters of the universe," there are 45 million Americans without health insurance. Corporations are reneging on pension obligations. Social Security is under attack. We are headed towards a $400 billion annual budget deficit, a $600 billion trade deficit, an $8 trillion national debt. The cost of the war in Iraq is over $200 billion. While we build new bases in Iraq, we close them in the United States. Earth to Washington, D.C. Earth to Washington, D.C. D.C., call home."

"New Deal liberalism broke with progressivism in many if not most respects. Progressives wanted technocratic economic planning. By the 1940s, New Dealers dropped planning for Keynesianism. Most progressives were nativists who supported immigration restriction on ethnic or cultural grounds. New Deal liberals celebrated the melting pot and liberalized American immigration laws in the 1960s. Woodrow Wilson resegegrated Washington. Lyndon B. Johnson signed the Civil Rights Act and the Voting Rights Act. Franklin D. Roosevelt created Social Security and Johnson created Medicare. Wilson opposed national health insurance."

"The big interests realize Roosevelt's plan would not cost them anything, which is the same as saying it will be no relief to the poor. Here is the proof of that admission from the financial page of the New York Times of January 18, 1935: The action of the stock markets yesterday indicated that Wall Street was not alarmed by the President's message to Congress on social security legislation. The financial community had been hopeful that the plan would not be so ambitious as to retard recovery. By its freedom from liquidation, when the message appeared on the news tickers, the market indicated that Wall Street did not feel that the plan would increase taxation unduly, since it would be largely self-sustaining. What Wall Street is saying by this dispatch is that the big men of Wall Street were a little bit apprehensive for fear Roosevelt would provide some relief or social legislation that would cost them something, but they are glad to see whatever he does will be self-sustaining. That is, the poor people who get relief will pay for it. In other words, the poor people will be allowed to help the poor people, a poor wage earner will be allowed to help his aged father or mother and take away a little more from his wife and children. "Ain't" that grand? Yet Wall Street says they are much pleased with it because it means they will not be touched for the necessary money to cure the ills of our people."

"As part of Social Security reform, I believe that private savings accounts are a part of it -- along the lines that President Bush proposed."