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.
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.
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.
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.
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.