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"Message to Congress," by Franklin Delano Roosevelt, New Deal Network, http://www.pbs.org/wgbh/amex/presidents/32_f_roosevelt/psources/ps_socsecspeech.html, 5 February 2005 (from Sibby Online).

Another politican comes out in favor of personal accounts. His approach is simlar to President Bush's, and rests on three principles: one, those at or near retirement should be protected; two: the current public social security system which will function as an old-age welfare payment; and three: personal accounts that should make up half of retirement income.

"In the important field of security for our old people, it seems necessary to adopt three principles: First, noncontributory old-age pensions for those who are now too old to build up their own insurance. It is, of course, clear that for perhaps 30 years to come funds will have to be provided by the States and the Federal Government to meet these pensions. Second, compulsory contributory annuities that in time will establish a self-supporting system for those now young and for future generations. Third, voluntary contributory annuities by which individual initiative can increase the annual amounts received in old age. It is proposed that the Federal Government assume one-half of the cost of the old-age pension plan, which ought ultimately to be supplanted by self-supporting annuity plans."