AP - The bad economy is worsening the already-shaky finances of Medicare and Social Security, draining the trust funds supporting them faster than expected and intensifying the need for Congress to shore up the massive benefit programs, the government said Friday.
Submitted by Gary Galles of the Ludwig von Mises Institute, “We paid our Social Security and Medicare taxes; we earned our benefits.” It is that belief among senior citizens that President Obama was pandering to when, in his second inaugural address, he claimed that those programs “strengthen us. They do not make us a nation of takers.”
Submitted by Simon Black via SovereignMan.com, On August 14, 1935, President Franklin Roosevelt arrived at his desk to sign the Social Security Act into law. It had been a contentious legislative process, something like the Obamacare of its day.