Gerald Ford on Social Security
President of the U.S., 1974-1977; Republican Rep. (MI)
Was Reagan suggesting that the government ought to plow those funds into the stock market? If so, there was proof that he didn't understand the complicated problems that the Social Security system faced. It would be absurd to risk such huge federal sums on the ups and downs of the market.
It was almost too good to be true. When reporters tried to pin him down, Reagan waffled and insisted that he'd never advocated such a step. It was just "one of the things suggested by some of the economists who are talking about this program."
But I am concerned about the integrity of our Social Security Trust Fund that enables people--those retired and those still working who will retire--to count on this source of retirement income. Simple arithmetic warns all of us that the Social Security Trust Fund is headed for trouble. Unless we act soon to make sure the fund takes in as much as it pays out, there will be no security for old or for young.
I must, therefore, recommend a three-tenths of 1 percent increase in both employer and employee social security taxes effective January 1, 1977. This will cost each covered employee less than $1 extra a week and will ensure the integrity of the trust fund.
I couldn't abolish those entitlement programs, but I could try to put the brakes on their rate of growth. I decided to ask Congress to impose a 5% ceiling on any increases in these various programs in the next year.
|Other past presidents on Social Security:||Gerald Ford on other issues:|
George W. Bush(R,2001-2009)
George Bush Sr.(R,1989-1993)
John F. Kennedy(D,1961-1963)
Harry S Truman(D,1945-1953)
Past Vice Presidents:
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