Diluting the Purchasing Power of the Dollar by Vin Suprynowicz: "Last time, visiting Rep. John Spratt, D-S.C., ranking minority member of the House Budget Committee, was explaining the Democratic objections to President Bush's proposal to "allow" workers to shift a small portion of their Social Security levies into (government supervised) private retirement accounts."

"'Security for whom? For the aged?' asked conservative columnist John T. Flynn in his 1948 book, The Roosevelt Myth.

'What of the millions of people who through long years of thrift and saving have been providing their own security? What of the millions who have been scratching for years to pay for their life insurance and annuities, putting money in savings banks, commercial banks, buying government and corporation bonds to protect themselves in their old age?' Mr. Flynn asked, nearly 60 years ago. 'These thrifty people have seen one-half their retirement funds wiped out by the Roosevelt inflation that has cut the purchasing power of the dollar in two.'"

(Via Lew Rockwell.)