Happy Birthday, Medicare!
More than 50 years ago, on July 30, 1965, President Lyndon Johnson signed Medicare into law, saying at the time, “I’ll spend the goddamn money,” he said. “I may cut back on tanks – but not on health.”
The story behind Medicare’s birth in Independence, Missouri, detailed here, reveals that LBJ called former President Harry Truman “The real daddy of Medicare.” (LBJ signed Medicare into law in Independence specifically to honor Truman’s effort to create national health insurance.) Truman became the first Medicare enrollee and Truman’s wife Bess got America’s second Medicare card – at the time, the monthly Part B premium was $3.
Rodney Brooks
An award-winning journalist, writer and author and my specialty is retirement planning and other personal finance issues. I have written for many national publications, including USA TODAY, The Washington Post, U.S. News & World Report, AARP and National Geographic. I am available to speak on personal finance, financial literacy and the racial wealth gap.
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The author tells the history of the Freedman’s Savings Bank, how it grew much too quickly, why it failed and the impact on Black America. The Freedman’s Bank offered a safe depository for formerly enslaved people, expanded quickly and gained millions in deposits – mostly ranging from $5 to $50. But inexperience and corruption doomed it to failure, costing may of the small depositors their savings.
