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1B
Cassie Tedrow
New Deal Research Assignment
Social Security Act
The Social Security Act was a legislative act which created the Social
Security system in the United States. It was drafted during Roosevelt's first term
by the President's Committee on Economic Security, under Frances Perkins,
and passed by Congress as part of the New Deal. The act was an attempt to limit
what were seen as dangers in the modern American life, including old age,
poverty, unemployment, and the burdens of widows and fatherless children.
The Act provided benefits to retirees and the unemployed, and a lump-sum
benefit at death. The act was enacted on August 14, 1935.
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Social Security eligibility is based on employment and social security
contributions, and the benefit financing comes mainly from those
contributions.
Since 1936, 453.7 million different numbers have been issued.
From 1937 (when the first payments were made) through 2009 the Social
Security program has expended $11.3 trillion.
From 1937 (when taxes were first collected) through 2009 the Social
Security program has received $13.8 trillion in income.
I think social security was effective because it is one of the truly momentous
legislative accomplishments in United States history. This act enacted in the
throes of the Great Depression, it was a sweeping bill that generated an array of
programs to aid numerous groups of Americans. The law got its title from the
groundbreaking social insurance program designed to provide a steady income
for retired workers aged 65 or older. The Social Security Act probably has had
the longest lasting impact of any of Roosevelt's New Deal programs. This
legislation, implemented in 1935, collected one percent of workers' wages to be
set aside for the workers' retirement.
The Roosevelt administration responded by securing the Social Security Act
in 1935. The program would be funded by payroll taxes.
The act has been amended numerous times, notably in 1939 when surviving
spouses and minor children were included as beneficiaries. Payroll taxes grew
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1B
Cassie Tedrow
New Deal Research Assignment
to pay for it. In the 1950s, more people were added to Social Security's
beneficiary pool, and the benefit was increased, including the first cost-of-living
allowance (COLA) since 1940. This was a great topic to learn about because I
always wondered why they were taking social security money out of my pay
check.
I chose this picture because this is what
your social security card looks like.
I chose this picture because these are people who
would sign for social security.
I chose this picture because he would qualify for social
security.