From Deseret News archives:

Come explain your plan to Utah, Bush

Published: Wednesday, March 9, 2005 9:28 a.m. MST
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There was no national retirement and Medicare aid prior to 1935, when President Franklin D. Roosevelt signed the Social Security Act into law. The establishment of Social Security came in direct response to the catastrophic Great (as in Not Great) Depression that resulted in 10,000 failed banks, 25 percent unemployment, multiple ruined-millionaire suicides and 2 million hobos riding the rails.

The trigger for the economic free fall in the 1930s, of course, was the collapse of the stock market on Oct. 24, 1929. Plummeting stock prices led to panic selling that led to a stampede on the banks.

So it was buying and selling stocks that brought Social Security into existence, and now Bush wants buying and selling stocks to prevent Social Security from going out of existence.

At the very least, it would be interesting if he stopped by the oldest and youngest state to explain why he thinks that's going to work.


Lee Benson's column runs Sunday, Monday, Wednesday and Friday. Please send e-mail to benson@desnews.com and faxes to 801-237-2527.

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