"For perhaps 30 years to come funds will have to be provided by the States and the Federal Government to meet these pensions. But after that it would be necessary to move to 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."
FDR - Address to Congress Jan 17, 1935
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