Social Security Act of 1935
The Social Security Act of 1935 was a landmark piece of legislation in the United States that created the Social Security system. It was enacted during the presidency of Franklin D. Roosevelt as part of his New Deal agenda to address the devastating effects of the Great Depression.
The act established a system of social insurance that provided financial security to eligible individuals and their families. It created the Social Security Administration, which is responsible for implementing and managing the program. The Social Security program was designed to provide retirement benefits, unemployment insurance, and assistance to the disabled and families with dependent children.
Under the act, workers contribute a portion of their earnings into a Social Security trust fund throughout their working lives. These contributions are used to provide income to retirees, disabled individuals, and survivors of deceased workers. The act also created the Supplemental Security Income (SSI) program, which provides assistance to low-income elderly, blind, and disabled individuals.
The Social Security Act of 1935 has been amended and expanded over the years to address changing social and economic conditions. Today, Social Security is a critical source of income for millions of Americans, particularly retirees. However, the program has also faced challenges in recent years due to the aging population and concerns about its long-term financial sustainability.