CBS Evening News for Tuesday, Dec 27, 1977
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(Studio) Following report is 1st of 2 on Social Security system troubles.
REPORTER: Roger Mudd
(NYC) Beginnings of Social Security, under Franklin D. Roosevelt, noted. Films shown. Is noted that several European cntries., include Nazi Germany, had social insurance systems. Congress debate of Townsend Plan and opposition to Social Security program by Republican presidential candidate Alf Landon in 1936 mentioned. Former Department of Health, Education and Welfare Secretary under Lyndon Johnson, Wilbur Cohen, noted to be researcher of cabinet committee which developed 1st Social Security law. [COHEN - says system doesn't simply have one label; lists type of systems it is.] Dwindling amts. of surplus in funds described. [COHEN - states potential for funds if they had been invested in common stock at beginning.] President Carter's suggestion to use government contributions to aid fund and congress rejection of it noted; views of originators of system cited as contrary to this. [COHEN - states that formulators of bill felt employers and employees should contribute equally, but government should eventually contribute out of general revenues, too.] Other misconceptions and details with regard to running of system listed. Upcoming report with regard to system's troubles.
REPORTER: Bruce Morton