Urban Legend: President Eisenhower said “a few Texas oil millionaires” wanted to “abolish social security.”

Status: True.
One favorite tactic in political debate is to put words in the mouth of a respected elder statesmen to make it appear he presciently anticipated some modern issue or political personality (and, naturally, took a stand that supported the viewpoint of whoever put those words in his mouth). Therefore, given the recent debate over President George W. Bush’s efforts to alter the Social Security system, one would expect a fifty-year-old quote from a former President (and fellow Republican) labeling as “stupid” certain “Texas oil millionaires” who want “to abolish social security” to be a similar fabrication.
Save for a few minor details, however, the quote from President Dwight D. Eisenhower cited at the head of this page is in fact an accurate one.
Urban Legends Reference Pages: Politics (Social Insecurity)