Seventy-five years ago, in the depths of a depression, with a stroke of a pen, President Roosevelt created programs that would morph into the biggest mandatory spending initiatives of the US federal government.
We like the original name better: Federal Old Age, Survivors and Disability Insurance. In its original form, that’s what it was: An insurance plan – as in, most people might not need it...
“75 years of a fully paid-for insurance plan isn’t bad,” notes our income analyst Jim Nelson. “But frankly, neither the Republicans’ plan to privatize the program or the Democrats’ plan to do nearly nothing will fix the next 75 years.
“That’s why smart investors are looking elsewhere to save for their own retirement."