Back in 1935, the drafters of Social Security told Congress of their plans to build up a government pension reserve that would reach $47 billion.

The number shocked lawmakers. It was nearly three times the outstanding federal debt of the time.

“What in heaven’s name are you going to do with $47 billion?” Sen. Arthur Vandenberg, Republican of Michigan, asked Arthur Altmeyer, one of the drafters.

“You could invest it in U.S. Steel and some of the large corporations,” Altmeyer suggested.

Vandenberg threw up his hands in horror. “That would be socialism!” he exclaimed.

Yet the idea of federal government investments in public corporation stock has never died. It walks among us like a zombie today, with the Trump administration talking about taking a 10% ownership stake in the chipmaker Int

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