Social Security Doesn’t Make Sense Anymore

The Social Security Act was signed into law on Aug. 14, 1935 .

The first person to receive Social Security was a woman named Ida May Fuller.

Boehm: With insolvency coming as soon as 2033 , it seems inevitable that something will have to be cut in order to keep Social Security afloat.

The cost of Social Security is ballooning, and ballooning quite rapidly.

CBO: Social Security accounts for about half of all spending increases over the next decade .

There's not enough money to go around. So who gets paid first ? Do we pay wealthy retirees first ? We pay needy working-class families and single moms with kids first ?.

When Social Security began, you could get benefits at age 65 , but the average life expectancy in this country was like 61 .

The average value of a retired person’s assets in 1989 , the year Taylor Swift was born, was about $270,000 , according to the Federal Reserve .

Today , it's $ 538,000 ; it's doubled in 30 years .