Since 1935 the U. S. people have acted like a man who saves for his old age, borrows from his savings to meet current expenses, and fills his hope chest with notes payable by himself to himself. Up to the first of this year, they had laid by $1,131,000,000 in Social Security's old age reserve fund which invested it in the people's own promises to pay (U. S. bonds and Treasury notes).
Last week Franklin Roosevelt and his fiscal servant, Secretary of the Treasury Henry Morgenthau Jr., at last recognized this fundamental fallacy of the Social Security Act and asked...
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