The Social Security Act of 1935
The Social Security Act was a part of FDR's New Deal. It was a program that was a combination of social welfare and social insurance. At the time, it was a very controversial topic because some people thought it would cause more unemployment, although it was the first effort made by a president to help and advocate federal assistance for elderly people.
This act benefitted:
Social Security In the Present
Social Security is mostly funded by payroll taxes, called the Federal Insurance Contributions Act tax (FICA). Nowadays, Social Security refers to retirement benefits disability insurance, and survivor benefits, unlike the New Deal in 1935 when it included unemployment benefits.
This act benefitted:
- the elderly
- unemployed
- families with dependent children
- mothers and children
- public health
- people who are disabled and blind.
Social Security In the Present
Social Security is mostly funded by payroll taxes, called the Federal Insurance Contributions Act tax (FICA). Nowadays, Social Security refers to retirement benefits disability insurance, and survivor benefits, unlike the New Deal in 1935 when it included unemployment benefits.