“Never in the history of the world has any measure been brought here so insidiously designed as to prevent business recovery, to enslave workers and to prevent any possibility of the employers providing work for the people.”
Now that’s great quote.
Is it in reference to US President Barack Obama’s recent healthcare reform initiatives?
Nope.
Was it in reference to Obama’s Financial Reform Act?
No.
It is, however, a reminder that over-the-top rhetoric has always been with us.
These words fell from the mouth of Congressman John Taber, a Republican from New York, His New York colleague, GOP Congressman Daniel Reed, warned that if it passed “the lash of the dictator will be felt.” The American Medical Association denounced it as a “compulsory socialistic tax.” Silas Strawn, former president of both the American Bar Association and the U.S. Chamber of Commerce, described it as “economically preposterous and legally indefensible.”
What you many wonder had them all frothing at the mouth?
It was Social Security, which President Roosevelt signed into law on August 14, 1935 — 75 years ago.
In an excellent article I found on the Huffington Post, Peter Dreier and Donald Cohen write about how Social Security’s opponents argued it was impractical, utopian, un-American, radical, and socialistic.
Today, Social Security is responsible for keeping 20 million Americans out of poverty.
On another note, Rogers is hosting a new conference in Toronto that will delve into the effects of climate change and carbon emissions on investment practices and risk management. For more in the Carbon Economy Summit here’s a radio interview, and here’s the link to the conference.