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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 – People were jumping out of windows
▪ Congress develops a social safety net program known as Social Security

▪ Keeps future retiree above the poverty level
▪ Social Security - First Social Security retiree check – Ida May Fuller

▪ Social Security – One dollar in – One dollar out – very little excess at end of each year
▪ Social Security – It soon became apparent – Social Security was a Tax Gobbling PacMan
▪ Social Security – Early 1980s – People were told Social Security was on verge of bankruptcy

▪ Social Security – 1983 Social Security reform legislation passed into law
▪ 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 follows recipe to make a strawberry cake – Grandma gets a strawberry cake
▪ Social Security – Tax Gobbling PacMan grows horns

▪ Social Security taxes are taking an ever increasing bite out of the paychecks of American workers
▪ Social Security – Tax Gobbling PacMan – Horns grow longer
▪ Social Security – Excess retirement dollars – Spent – Stolen – THE MONEY’S GONE

▪ Every spent retirement dollar turned into a new dollar of debt known as a special Obligation Bond
▪ $181 BILLION in one year alone - $846 BILLION in one 5 year period

▪ 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 KICK BACK & destroy their tax gobbling PacMan
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