Stuff You Should Know – Selects: How Air Traffic Control Works

Intro

In this episode of “Stuff You Should Know,” the hosts explore the fascinating world of air traffic control. They discuss how air traffic controllers manage the flow of aircraft, the history of air traffic control, and the challenges they face in ensuring safe and efficient air travel.

Main Takeaways

How Social Security Works

• The Social Security Act of 1935 created a scheme to provide monthly payments to retiring workers.
• Workers pay into the Social Security fund to support retired workers.
• Some claim Social Security is a Ponzi scheme, but experts disagree and say it is sustainable.
• Social Security is sustainable if there is zero population growth.
• The baby boomer population spike means more retired workers than current workers.
• The government raised the amount of money people pay into Social Security and invests it in treasury bonds.
• The government pays off the bonds with other tax money, causing controversy among conservatives and libertarians.
• Social Security was not sustainable from the beginning due to the short payout period for early recipients.

The History of Social Security Numbers

• The Social Security number was adopted as the official federal ID number and taxpayer ID number in 1961-62.
• The first Social Security cards were not supposed to be used as identification, but this was not enforced.
• The initial Social Security numbers were distributed through post offices, which typed up the cards.
• Employers filled out a form listing their employees, and the Social Security Administration mailed SS5 forms to the employer for each employee.
• The first official Social Security number recorded belongs to John David Swiney Jr., but it is unknown who received the very first card.

Facts and Controversies about Social Security Numbers

• Retirement age used to be 65, but benefits are reduced if you retire before that age.
• Grace D. Owen of Concord, New Hampshire holds the all-time low Social Security number.
• Social Security numbers are not recycled and are retired after the person dies.
• There is a possibility that they will start reassigning numbers from deceased individuals in the future.
• Social security numbers are required for practical purposes such as medical coverage, savings accounts, and tax deductions.
• Identity theft is a big problem, but it has decreased since the article was written.
• Companies do not have a legal right to ask for social security numbers.
• Basic protection advice includes not sharing social security numbers and not using them as passwords.

Summary

How Social Security Works

The Social Security Act of 1935 established a system to provide monthly payments to retired workers. Workers contribute to the Social Security fund through payroll taxes, which support the payments received by retired individuals. While some critics argue that Social Security is a Ponzi scheme, experts maintain that it is sustainable under the condition of zero population growth. However, the baby boomer population spike poses a challenge as there are more retired workers than current workers. To address this, the government has increased the amount of money people pay into Social Security and invests it in treasury bonds. This investment strategy has caused controversy among conservatives and libertarians. Additionally, Social Security was not initially designed to be sustainable due to the short payout period for early recipients.

The History of Social Security Numbers

In 1961-62, the Social Security number became the official federal ID number and taxpayer ID number. Originally, Social Security cards were not intended for use as identification, but this rule was not strictly enforced. The distribution of Social Security numbers was facilitated through post offices, where the cards were typed up. Employers played a role in the process by filling out forms listing their employees, and the Social Security Administration would then mail SS5 forms to the employers for each employee. The first recorded Social Security number belongs to John David Swiney Jr., although the recipient of the very first card remains unknown.

Facts and Controversies about Social Security Numbers

Retirement age used to be 65, but retiring before that age results in reduced benefits. Grace D. Owen holds the lowest recorded Social Security number. Social Security numbers are not recycled and are retired after the person dies, although there is a possibility that reassignment may occur in the future. These numbers are required for various practical purposes, including medical coverage, savings accounts, and tax deductions. While identity theft remains a concern, there has been a decrease in incidents since the article was written. Companies do not have a legal right to ask for social security numbers, and it is advised to protect them by refraining from sharing them and avoiding their use as passwords.

Conclusion

The episode sheds light on the inner workings of Social Security, its history, and the controversies surrounding Social Security numbers. It explores the sustainability of the system, the distribution of Social Security numbers, and the practical implications of these numbers. Understanding Social Security is crucial for individuals navigating retirement planning and ensuring the protection of their personal information.