In 1935 -- the year FDR signed the Social Security Act into law, William Coates was 45 years old. He was 114 on Monday when he died.

On Sunday, Coates was thought to be the oldest living American. Assuming he retired and began collecting his full benefit in 1955 when he was 65, Coates received social security checks for 49 years. Adjusted for inflation based on the 2003 average benefit of $895 a month, Coates received approximately $526,260 from Social Security over the course of his lifetime.

Today Alan Greenspan warned Congress that a new system of Social Security benefit calculation resulting in an overall reduction in payouts would be necessary if the system is to remain solvent. This step will have to be coupled with budget cuts and, likely, tax increases. Further, he warned that continued deficit spending will cause increases in long term interest rates and seriously hamper the country's economic growth.

Though he probably drew more than his share of water from the well, I don't blame the problem on William Coates.

Analogcabin @ 12:04 PM
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