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Signed into law on 14 August 1935, the Social Security Act (SSA) created a federal old-age insurance system for the first time in American history. The act provided a modest monthly payment for Americans aged sixty-five and older. It also provided for unemployment compensation as well as governmental support for the handicapped and for single mothers with dependent children. The SSA was not initially considered a system of welfare. Intended to function as a forced savings plan, the program required all employed people to contribute a small percentage of their pay into a general Social Security fund for the duration of their working years. In the initial years it would serve as yet another deficit-spending element in the New Deal's arsenal. After that, however, Americans would be able to collect modest Social Security checks from the federal government only after a working life spent contributing to...
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This section contains 238 words (approx. 1 page at 300 words per page) |
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