But Roosevelt was not advocating that the present system of guaranteed Social Security benefits “ought to ultimately be supplanted by self-supporting annuity plans.” Rather, he was proposing that both mandatory contributions and voluntary annuities would eventually eliminate the need for a different fund which was established to provide pension benefits to Americans who were already too old in 1935 to contribute payroll taxes to the Social Security system.
But no matter how you read it, FDR was for some privatization — a.ka. voluntary annuities.
That’s all Bush is advocating. Under his plan, I’d have a chunk of cash that’s really mine at the end of my life. Money that I can spend as I see fit and that I can pass on to my children. Imagine that.