Today in 1935

Social Security Act is signed into law, assuring retirement income for all working Americans. Payroll taxes…are set at 1% (Courtesy of Barry Ritholtz)


Posted in * Culture-Watch, * Economics, Politics, Economy, History, Labor/Labor Unions/Labor Market, Social Security, Taxes, The U.S. Government

8 comments on “Today in 1935

  1. SC blu cat lady says:

    What a disastrous piece of legislation that turned out to be. *sigh*

  2. Jim the Puritan says:

    I’m looking forward to getting back all of the money I put into my Social Security retirement account, plus the healthy return earned by wise investing by the federal government on my behalf.

  3. magnolia says:

    i just know without it my 78 yo mum would be in the poor house or unhappily living with us instead of her hometown. i help her out financially but can’t cover all her living expenses. as with many americans, sometimes the future cannot be predicted or prepared for; so i happen to thank God for social security, although i don’t expect it to be around by the time i get ready to retire.

  4. Capt. Father Warren says:

    Social Security, like Obamacare, is established under two very dubious notions which subvert the God-given design of human nature and run contrary to the two Commandments which Jesus thought to be most important:

    1. People can’t take care of themselves
    2, People, faced with life’s uncertainties, won’t take care of themselves

    And so, we need Government to do it for them [us]. And we then thank God for Government, when God has never called us to thank Government, but merely tolerate it as a manifestation of [and a mill stone of] our fallen nature.

    Remember, if people had saved money themselves, two things would happen:

    1. You could earn a much better return
    2. When you died, your money could go to your heirs rather than the Treasury

    Bad decisions have bad consequences.

  5. BlueOntario says:

    With the increasingly universal demise by employers of both defined benefit [i]and[/i] defined contribution retirement funds, the income from Social Security becomes that much more of a necessity rather than a safety net.

    I agree, Capt. Fr., that people would have a better return if they were to simply invest for their future from their first day of employment as a teenager the money they give to the government’s Ponzi scheme. But, I’m not so sure it’s a dubious proposition that people, in general, won’t take care of themselves.

    No matter, the problem will get worse before it may get better.

  6. BlueOntario says:

    So much for hypertext.

  7. magnolia says:

    “Remember, if people had saved money themselves, two things would happen:

    1. You could earn a much better return
    2. When you died, your money could go to your heirs rather than the Treasury”

    not everything can be certain. sometimes the stock market fails and sometimes you are too old to recover from it. many people have not been taught to handle money well.

    if a tornado hits your house and a major illness hits your family you could be wiped out in a fortnight. you cannot always see what’s ahead no matter how much you might think you are planning for every contingency. additionally many people don’t make much above a living wage therefore their savings will be meager.

  8. magnolia says:

    i went back and reread your post no. 4 are you essentially saying that my mother deserves her plight and that the millions of elderly relying on ss should be left to rot because of their ‘bad decisions’?

    and…quite frankly i don’t need lectures from you on which circumstances i should thank God. having a different opinion shouldn’t invite such a condescending manner.