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)
“Live within your means, never be in debt, and by husbanding your money you can always lay it out well. But when you get in debt you become a slave. Therefore I say to you never involve yourself in debt, and become no man’s surety. If your friend is in distress, aid him if you have the means to spare. If he fails to be able to return it, it is only so much lost.”
—Andrew Jackson (1767–1845)