Eighteen years may seem like a long time, but it’s not. In 1995 the follow events took place:
- A truck bomb devastated Oklahoma City Federal Building that killed 168 people
- O. J. Simpson was found innocent of killing his wife Nicole and Ronald Goldman
- Windows 95 was released by Microsoft
- The DVD, optical disc storage media format, was announced
- eBay was founded
- The Republican Congress shut down the government
- Last “Far Side” by cartoonist Gary Larson was published
The year 2031 will be here before you know it. Trust me.
There’s a lesson in the insolvency of Social Security and ObamaCare, optimistically named the Affordable Care Act that’s already costing more than anyone projected.
The idea of creating a supplemental retirement system called Social security sounded like a good idea when president Franklin Delano Roosevelt signed the Social Security Act into law August 14, 1935. With the Great Depression a recent memory, selling security to the American people was easy. Each month, the federal government would take a small percentage of money from an employee’s paycheck. The employee’s employer would also be required to “contribute” an equal percentage. At retirement, any person who paid into the system would get a monthly check from the Social Security Administration.
Payments of monthly benefits began in January 1940, just five years after the program was implemented. On January 31, 1940, the first monthly check was issued to a retired legal secretary, Ida May Fuller, of Ludlow, Vermont. She received a check for $22.54. Fuller continued to receive benefits until she died in January 1975 at the age of 100. During her 35 years as a beneficiary, she received more than $22,000. For Fuller, Social Security turned out to be a great investment since her total “contribution” to the program was only $22.00.