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Arguably the wisest quote every made by a president. It's no wonder he mentioned this in the age of McCarthy (1952).
Socialism is a scareword they have hurled at every advance the people have made in the last 20 years. Socialism is what they called public power. Socialism is what they called social security. Socialism is what they called farm price supports. Socialism is what they called bank deposit insurance. Socialism is what they called the growth of free and independent labor organizations. Socialism is their name for almost anything that helps all the people.