A Ponzi Tale: Why There is No Security in Social Security

Franklin D. Roosevelt enacted the Social Security Act in 1935 which established Social Security. Social Security is funded through payroll taxes called Federal Insurance Contributions Act tax (FICA) or Self-Employed Contributions Act Tax (SECA). On January 31st, 1940, the first social security check was issued to Ms. Ida May Fuller, a former legal secretary. She…