Page 1 - Social Security - Day 1 To Today

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SOCIAL SECURITY - WHEN – WHY WHERE IT’S BEEN – WHERE IT IS NOW

▪ The year was 1929. The stock market had just crashed

▪ Social Security - First Social Security retiree check
▪ Social Security – One dollar in – One dollar out

▪ Social Security - A Tax Gobbling PacMan

▪ Social Security – Going bankrupt

▪ Social Security – 1983 Social Security reform legislation
▪ Social Security – Went from $1 in - $1 out TO $5 in - $4 out – Excess $1 would build a cash reserve

▪ 78 million Baby Boomers in retirement pipeline
▪ Social Security reform legislation - New recipe - Political leaders speak

▪ President Reagan – Speaker of house Tip O’Neill – Senate majority leader Howard Baker
▪ Social Security – Grandma’s strawberry cake recipe

▪ Social Security – Tax Gobbling PacMan grows horns

▪ Social Security – Tax Gobbling PacMan – Horns grow longer
▪ Social Security – Excess retirement dollars – Spent - $846 Billion in one 5 year period

▪ Every spent retirement dollar turned into a new dollar of debt known as a special Obligation Bond

▪ Social Security – Seniors are ending up under the bus
▪ Social Security – Annual wage cap goes up 5 times faster than average wages

▪ Social Security – Time to cut the head off of their tax gobbling PacMan

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