How the Social Security Act affects America Today

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Recommended: History of the social security program

On August 14, 1935 Social Security (originally Economic Security) was founded under President Franklin D. Roosevelt. This was one of the major laws created during his astonishing career as President of the United States. Previous to the Social Security Act being enacted in 1935 there was already actions being put towards survivors or retired citizens. There were pensions that had started for soldiers who fought in the civil war. ; and private organizations created to assist the poor or disabled. The country felt that this act was necessary for the improvement in the U.S. economy, which was suffering from the Great Depression. The basic plan of Social Security then, and now, is that there is a Social Security tax (6.2%) placed on most employees and employers. A calculated percentage is given to retirees and disabled workers who were under a Social Security Insured Job.
January of 1937 the first benefit payments began and the word was spreading about Social Security. Over 222,000 people had signed up for Social Security within the first two years of its creation. At first, the money was only paid to the family’s primary worker. Although there were small flaws in the system as it began, it was a success. At first the main effect Social Security had was providing a safety net for families concerned about not being able to save money and retire. The Social Security Act was the first Federal law providing financial protection for the entire country. Computing the benefits for workers and determining exactly how much insurance a citizen should receive was the main priority. First off, the definite two groups of people who would receive benefits were the elderly and survivors of war. In 1939 changes were made to the system. The gove...

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Works Cited

"Social Security." Administration: Basic Facts. Social Security Administration, 2 Apr. 2014. Web. 23 Apr. 2014.
"Social Security." History. Social Securtiy Administration, n.d. Web. 25 Apr. 2014.
King, Gary, and Samir S. Soneji. "Social Security: It’s Worse Than You Think." The New York Times. The New York Times, 05 Jan. 2013. Web. 25 Apr. 2014.
"Social Security." Program Rules. Social Security Administration, n.d. Web. 25 Apr. 2014.
"Social Security Reform Center - History." Social Security Reform Center. Social Security Administration, 4 Mar. 2014. Web. 28 Apr. 2014.
Administration, Social Security. "Summary Table of SSA’s Appropriation Request." FY 2015 Congressional Justification (n.d.): n. pag. Web. 9 May 2014.
"Social Security, Present and Future." The New York Times. Ed. The Editorial Board. The New York Times, 30 Mar. 2013. Web. 10 May 2014

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