A Time to Heal: on Social Security


Gerald Ford: Absurd to risk federal money in stock market

When Reagan when challenging Ford for the GOP nomination, during a press conference at Daytona Beach, Reagan was asked to comment about Social Security. "One of the failures of Social Security as a pension program," he replied, "is that the funds do not grow. They are not invested as they could be in the industrial might of America. Certainly a portion of this money could be invested in the economy and grow as it does in other pension funds."

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."

Source: A Time To Heal, by Gerald Ford, p.364-365 Feb 13, 1976

Ronald Reagan: Portion of Social Security funds could be invested

When Reagan when challenging Ford for the GOP nomination, during a press conference at Daytona Beach, Reagan was asked to comment about Social Security. "One of the failures of Social Security as a pension program," he replied, "is that the funds do not grow. They are not invested as they could be in the industrial might of America. Certainly a portion of this money could be invested in the economy and grow as it does in other pension funds."

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."

Source: A Time To Heal, by Gerald Ford, p.364-365 Feb 13, 1976

Gerald Ford: Entitlements make federal role into redistribution of income

In 1959, federal payments to individuals accounted for 24% of the budget. By 1974, that figure had climbed to 44%. And that was changing the nature of the government's role. In the early days of the Republic, the government's function was to promote domestic order and maintain national security. By 1974, its main function seemed to be the redistribution of income on a massive scale. More & more people who worked were transferring more & more money to people who didn't work. This trend posed a real threat to the survival of our free society. What worried me most was that we could reach a point of no return, where the number of recipients was greater than the number of contributors. Those recipients would have a vested interest in the perpetuation-- and enlargement--of their benefits.

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.

Source: A Time To Heal: The Autobiography of Gerald Ford, p.155-156 Aug 27, 1974

  • The above quotations are from A Time to Heal: The Autobiography of Gerald R. Ford.
  • Click here for definitions & background information on Social Security.
  • Click here for other issues (main summary page).
  • Click here for more quotes by Gerald Ford on Social Security.
2016 Presidential contenders on Social Security:
  Republicans:
Gov.Jeb Bush(FL)
Dr.Ben Carson(MD)
Gov.Chris Christie(NJ)
Sen.Ted Cruz(TX)
Carly Fiorina(CA)
Gov.Jim Gilmore(VA)
Sen.Lindsey Graham(SC)
Gov.Mike Huckabee(AR)
Gov.Bobby Jindal(LA)
Gov.John Kasich(OH)
Gov.Sarah Palin(AK)
Gov.George Pataki(NY)
Sen.Rand Paul(KY)
Gov.Rick Perry(TX)
Sen.Rob Portman(OH)
Sen.Marco Rubio(FL)
Sen.Rick Santorum(PA)
Donald Trump(NY)
Gov.Scott Walker(WI) 		Democrats:
Gov.Lincoln Chafee(RI)
Secy.Hillary Clinton(NY)
V.P.Joe Biden(DE)
Gov.Martin O`Malley(MD)
Sen.Bernie Sanders(VT)
Sen.Elizabeth Warren(MA)
Sen.Jim Webb(VA)

2016 Third Party Candidates:
Gov.Gary Johnson(L-NM)
Roseanne Barr(PF-HI)
Robert Steele(L-NY)
Dr.Jill Stein(G,MA)
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Page last updated: Feb 25, 2019