I was very confused by this passage on p. 177 of Senator Obama’s THE AUDACITY OF HOPE:
…FDR recognized that we would all be more likely to take risks in our lives — to change jobs or start new businesses or welcome competition from other countries — if we knew that we would have some measure of protection should we fail.
That’s what Social Security, the centerpiece of New Deal legislation, has provided — a form of social insurance that protects us from risk.
I guess I don’t understand this because the fact that I have a Social Security account that I’ve been paying into for the last umpty-ump years doesn’t enter into my calculus on whether to change jobs or anything else. Nor do I see how Social Security protects anyone from risk. If you lose your job, or your business fails, you don’t start drawing Social Security — in fact your overall Social Security status is hurt because you’re no longer paying into the system.
So if someone could explain that to me such that it makes sense, I’d appreciate it.by