• Thought of the Day

    Thought of the Day

    2000: MONEY, n. A blessing that is of no advantage to us excepting when we part with it.

    –Ambrose Bierce, The Devils Dictionary (Hill & Wang, 1957), p. 123.

Today in Financial History

1935: The Social Security Act is signed into law, assuring some retirement income for all working Americans. Payroll taxes are set at 1%, for both workers and employers, on the first $3,000 of earnings.

Sylvester J. Schieber and John B. Shoven, The Real Deal: The History and Future of Social Security (Yale University Press, New Haven, 1999), pp. 41-42