 So inflation wasn't a large consideration. When the first Social Security check was issued in 1940, the payments were fixed, meaning the amount of your benefit didn't change from year to year unless Congress authorized a raise. But if you remember the 70s, we started seeing inflation. Specifically in 1973, OPEC declared an oil embargo on the U.S. and some other nations, which sent gas prices through the roof and touched off a spike in inflation. In 1974, that was over 11%.