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Social Security Act of 1935
Transcript of Social Security Act of 1935
What is Social Security?
. A law passed in 1935 giving the elderly retirement insurance, a federal-state program of unemployment money, and federal grants for state welfare
The idea of the Social Security Act was introduced on April 4, 1935 and started to be debated on April 11. After several days of looking through it and debating an election was held to decide whether or not to let this act pass.
The act was passed on April 19, 1935
Instead of worsening the system with a new plan like privatization, future budget loss can be helped within the system. The present system will work by increasing taxes, and/or raising the retirement age
Making Social Security accounts private can allow an individual to invest int their accounts which would raise economic growth by adding money back into America's failing financial system
Why was this law passed?
Millions of people were still out of work, and there was alarming concern for the elderly and retired Americans who had lost everything. The Social Security program was intended to be -and essentially still is today - a social insurance program. It's a government-run program providing economic security to our citizens.