Happy Birthday, Social Security!

1 decade 3 years 9 months ago Monday, August 14 2006 Aug 14, 2006 Monday, August 14, 2006 6:45:08 PM CDT August 14, 2006 in News

David Wente retired 20 years ago, cashing in on a lifetime of having Social Security payments withheld from his paychecks.

"By the time I retired," he recalled, "I was capable of paying off the rent on my Social Security."

President Franklin Roosevelt signed the Social Security Act into law in 1935. However, President Bush favors private, not government, funding of the program, and Republican leaders support his proposal.

"Benefits are running out," said Paul Sloca, communications director for the Missouri Republican Party. "They say, by the year 2017, there may not be enough money to pay out Social Security."

A political group called Missouri Pro Vote opposes President Bush's plan.

"In fact, if we would privatize, it's going to add one trillion dollars to the national debt," said organizer Ron Berry.

Missouri Pro Vote supplied cake and ice cream for the Social Security birthday party.

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