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The main difference between state and local government sponsored retirement systems and Social Security is that the state and local retirement systems use compounded investments that are usually heavily weighted in stock market securities, which historically have returned more than 7.0%/year on average despite some years with losses. [100]
While the establishment of Social Security predated the invention of the modern digital computer, punched card data processing was a mature technology, and the Social Security system made extensive use of automated unit record equipment from the program's inception. This allowed the Social Security Administration to achieve a high level of ...
The American social security system (1949) comprehensive old overview. Burns, Eveline M. Toward Social Security: An Explanation of the Social Security Act and a Survey of the Larger Issues (1936) online; Davies, Gareth, and Martha Derthick. "Race and social welfare policy: The Social Security Act of 1935." Political Science Quarterly 112.2 ...
As of 2011, the public social spending-to-GDP ratio in the United States was below the OECD average. [7] Total Social Security and Medicare expenditures in 2013 were $1.3 trillion, 8.4% of the $16.3 trillion GNP (2013) and 37% of the total Federal expenditure budget of $3.684 trillion. [8] [9]
The government needs to make significant changes to get Social Security in a good place, and to do so, they need to keep the purpose and goal of the critical program top of mind.
"In essence, this money has been stolen from all of us for all these years," said an 84-year-old woman whose late husband's Social Security benefits were slashed. "It's not fair."
Social Security Act of 1935; Other short titles: Social Security Act: Long title: An Act to provide for the general welfare by establishing a system of Federal old-age benefits, and by enabling the several States to make more adequate provision for aged persons, dependent and crippled children, maternal and child welfare, public health, and the administration of their unemployment laws; to ...
The SBA guarantees loans to small businesses, aids victims of floods and other natural disasters, promotes the growth of minority-owned firms, and helps secure contracts for small businesses to supply goods and services to the federal government. The Social Security Administration (SSA) is the United States federal agency that administers ...