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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 ...
Franklin Delano Roosevelt. The father of the social safety net, FDR signed the Social Security Bill into law on Aug. 14, 1935. He had called on Congress to craft a social insurance policy just 14 ...
The Social Security Act established Social Security and promised economic security for the elderly, the poor, and the sick. Roosevelt insisted that it should be funded by payroll taxes rather than from the general fund, saying, "We put those payroll contributions there so as to give the contributors a legal, moral, and political right to ...
During the congressional debate over Social Security, the program was expanded to provide payments to widows and dependents of Social Security recipients. [103] Job categories that were not covered by the act included workers in agricultural labor, domestic service, government employees, and many teachers, nurses, hospital employees, librarians ...
Because Social Security tax receipts and interest exceed payments, the program also reduces the size of the annual federal budget deficit commonly reported in the media. For example, CBO reported that for fiscal year 2012, the "On-budget Deficit" was $1,151.3 billion. Social Security and the Post Office are considered "Off-Budget".
"Without enough money to pay its bills, any of the payments are at risk, including all government spending, mandatory payments, interest on our debt and payments to U.S. bondholders.
The Social Security system is primarily a pay-as-you-go system, meaning that payments to current retirees come from current payments into the system. The program was initially established in 1935 in response to the Great Depression. The first to file for Social Security was Ida Mae Fuller in 1940. [16]
You've probably heard the news that the Social Security Old Age and Survivors Insurance (OASI) Trust Fund will run out of funding by 2033. The records show the fund still has $2.7 trillion -- on...