The "legacy debt" in the United States Social Security System is the difference between what the first generation of beneficiaries paid into the system to the benefits that they received. The very first beneficiary was Ida May Fuller who paid only $24.75 towards Social Security and upon her death at age 100 she had collected almost $23,000 in benefits.
Paying off this legacy debt is a goal for Social Security reform so as not to burden future generations.
It is also a contributing reason as to why the Social Security Trust Fund has such a low annual rate of return.
Famous quotes containing the words legacy and/or debt:
“What is popularly called fame is nothing but an empty name and a legacy from paganism.”
—Desiderius Erasmus (c. 1466–1536)
“It is a well-settled principle of the international code that where one nation owes another a liquidated debt which it refuses or neglects to pay the aggrieved party may seize on the property belonging to the other, its citizens or subjects, sufficient to pay the debt without giving just cause of war.”
—Andrew Jackson (1767–1845)