A financial dispute leads to the founding of America! 

One month ago, during the government shutdown, my wife and I, along with some family members, visited Washington D.C. We went to see the Lions play, of course, but also intended to visit everything that might still be open. So many things were open that we walked 13 miles in just one day.

We visited Lincoln, Jefferson, Martin Luther King, Franklin Roosevelt and Arlington. At one of the many war memorials honoring servicemen and women, we did a rubbing of my wife’s uncle’s name at the Vietnam Wall.

We stayed at an old hotel, not far from the U.S. Capitol. A few doors down from our entrance, a wall plaque indicated the room where Franklin Roosevelt wrote his 1933 inaugural address with the now famous line, “We have nothing to fear but fear itself.”

At the time he wrote it, our nation was in the midst of the Great Depression. In today’s environment, people complain about almost every little thing. But most complaints pale in comparison to the problems faced by families during the Great Depression.

Roosevelt was also the president during an event that occurred on this day in 1941. The attack on Pearl Harbor. His memorable response to that event: "Yesterday, December 7, 1941 - a date which will live in infamy."

I bring this up in a financial column because my recent trip reminded me just how important it is to have knowledge and respect for our nation’s history. After all, one of our founding fathers’ demands from Britain was no taxation without representation. After the Revolutionary War, we had a staggering national debt and people revolted against Hamilton’s “whiskey tax” which was intended to help pay off that debt. Centuries later, the Broadway hit Hamilton did a great job highlighting our early history, including some financial aspects.

Throughout our nation’s history, money has been a key driving force behind many decisions made by both politicians and everyday citizens. Over the years, our government programs have grown by leaps and bounds. Social Security is a prime example. Since it was initiated under Franklin Roosevelt in 1935, there have been dramatic changes. When it was implemented in 1937, the employee contributed just one percent of pay up to $3,000 and it was matched by the employer.

Based on our nation’s annual inflation rate, that would be the equivalent of about $67,000 today. In 2026, both the employee and employer will be taxed 6.2 percent of income, up to $184,500. A big difference. For years, the trustees of Social Security have warned that reforms are necessary to ensure future solvency. Like it or not, there is a lot of history behind the Social Security saga. And the future will certainly bring heated debates regarding the program. Along with any other government program involving money.

I believe it’s important for us as a nation to know where we’ve been before we make decisions about where we’re headed. Uncle Sam generally has good intentions when bills are passed, but programs cost money and the debate often centers on who benefits from a bill and who pays for it.

As we headed home, my thoughts drifted back to Arlington. Seeing row after row of headstones of those who gave everything for the most important benefit we have as citizens. Our freedom.