Monday, September 5, 2011

The Battle For Social Security: From Fdr's Vision To Bush's Gamble - Nancy J. Altman

the battle for social security: from fdr's vision to bush's gamble - nancy j. altman
the battle for social security: from fdr's vision to bush's gamble - nancy j. altman

Altman, a pension-rights advocate, traces the history of Social Security from its introduction in 1935, when President Franklin D. Roosevelt offered it as a safety net to protect not only the elderly but also children and disabled people. We learn that Roosevelt faced stiff opposition to his innovative concept, and ever since it has attracted controversy. The author claims that President George W. Bush has broken ranks with every president since Roosevelt, Republican and Democrat, in his current, high-profile effort to undo the program. She is highly critical of the Bush strategy, which she chronicles in detail. The author also offers a three-prong solution to Social Security's long-term projected shortfall--conversion of the residual estate tax to a dedicated Social Security tax, restoration of the maximum taxable wage base to 90 percent, and diversification in the trust fund portfolio to include stocks and bonds. This is a thoughtful, well-researched case against President Bush's efforts to reduce Social Security protection. Mary Whaley
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