The Social Security Act: Industrial Revolution And The Great Depression

The Social Security Act of 1935, signed by Franklin D. Roosevelt, created a program that included social insurance programs, as well as public assistance. Both programs came about due to the depression and were created as part of the New Deal to benefit the citizens who needed assistance. While both programs were created to assist the public, each program had different eligibility requirements and accomplished different tasks.

A landmark change in providing for the elderly came in 1935 with Franklin D. Roosevelt 's Social Security Act. While this provided aid to people with disabilities and mothers with children, aid was also mainly intended for the elderly. The premise of the act was that an individual would pay into the government through the years that they worked and upon retiring that person would receive benefits. Elderly Americans relied on this system to help pay for expenses that they might incur after they reached an age where they could no

The Social Security Administration is a great government administration that provides retirement and disability benefits to a large portion of the U.S. population. It was created by Franklin Delano Roosevelt (FDR). He created many new administration during the great depression to combat poverty such as the Works Progress Administration. Unlike the Works Progress Administration, on the Social Security Administration fights poverty through planning for the future rather than the now. The Administration themselves views themselves high as well, on their website they stated that the Social Security Administration is “one of the most successful anti-poverty programs in our nation's history”. The SSA could not have come at a better time than when it did during the great depression. It was crucial to the nation's future as to whether it would fall back down to its knees right as it got back up. The SSA protected us with retirement benefits which allow and help us plan for our retirement safely ensuring that we will have money when we can no longer work. This need for a retirement plan is exemplified by FDR’s speech to the N.Y. state legislature where he states “No greater tragedy exists in modern civilization than the aged, worn-out worker who after a life of ceaseless effort and useful productivity must look forward to his declining years to a poorhouse.” This is arguably the most useful part of the SSA.

The social security act was created by President Franklin D. Roosevelt so that he could put in place provisions in order to help the elderly. The social security act a document that helps impoverished citizens, such as the elderly and physically impaired receive benefits after retirement. Citizens’ in America during the great depression where expected to work weather elderly or physically disabled. These citizens weren’t afforded the financial stability to retire so work was a necessity to acquire money. “Prior to social security, the elderly routinely faced the prospect of poverty upon retirement” (U.S SSA). This effect of the great depression led to a lot death and homes turning into singled parent homes with no income. “The widespread

Social security was created in response to the persuasive poverty during the great depression. It began when the social security act was signed by the FDR on Aug 14, 1935 but taxes for it were not collected until January 1937. Although its goal was to provide retired citizens with funds to survive it was ultimately a long-term shortfall. The plan for social security as it stands today would only last until 2033. This is due to demographic pressures and a week economy as of late. Without any modifications, social security will certainly not be around for the future generations.

The Social Security system is projected to help people with limited financial resources, including the poor, the physically disabled, the mentally ill, and the elderly (Grabianowski 2015). The system was created in response to the pervasive poverty during the great depression, to provide basic level of income at retirement, as well as disability pay and life insurance foe workers (Kessler, 2014). In addition, the system provided benefits for dependents, immediate family members, and even divorced spouses, at the time of serious accidents or illnesses (Kessler, 2014). The first widespread social security program in America was the Civil War Veteran pensions in 186 that supported injured Union veterans and their survivors. The plan was expanded in 1910, to include Civil War veterans (Social Security Administration). As America went into Great Depression after the stock market crash in 1929, the government focused on the need for a comprehensive system that provided assistance to the poor and elderly to live independently (Social Security Administration). In 1934, President Roosevelt formed a Committee on Economic Security (CES), who came up with a plan that allowed workers to put a small percentage of their pay into an aggregate account that could be drawn when they retired to help meet their monthly expenses, which became the Social Security Act in 1935 (Social Security Administration).

The American Social Security system is projected to help people with limited financial resources, including the poor, the physically disabled, the mentally ill, and the elderly (Grabianowski 2015). It was created in response to the pervasive poverty during the Great Depression to provide workers with a basic level of income in retirement, as well as disability pay and life insurance while they work (Kessler, 2014). In addition to providing benefits for workers, it also covers their dependents, immediate family members, and even divorced spouses, at the time of serious accidents or illnesses (Kessler, 2014). The first widespread social security program I America was the Civil War Veteran pensions in 1982 that supported injured Union veterans or to their widows. This plan expanded in 1910 to include Civil War veterans and their survivors (Social Security Administration). As America went into economic recession following the stock market crash of 1929, the Great Depression brought a strong focus on the need for a comprehensive system that provided assistance to the poor and elderly, so they could live independently (Social Security Administration). In 1934, President Roosevelt formed a Committee on Economic Security (CES), who came up with a plan that allowed workers to put a small percentage of their pay into an aggregate account that could be drawn when they retired, to help meet their monthly expenses, which became the Social Security Act (SSA) in 1935 (Social Security

President Franklin D. Roosevelt signed the Social Security Act into law on August 14, 1935. The main intentions of this act were to provide benefits for the elderly population that was retired and not able to work. This act helped to protect the elderly against poverty if they were not able to save for retirement during their working years. At the time of the signing, only retired people of 65 years or older were eligible for these benefits. This act also included unemployment insurance, old age assistance, aid to dependent children, and grants to states to provide various forms of medical care. Things such as disability coverage and medical benefits would come later. Today we have many issues with our social security program, largely to

The origin of social security dates back all the way to Franklin D. Roosevelt. In 1932, Roosevelt decided that the government needed to provide for people with disabilities, had a death in the family, or just couldn’t physically work anymore. One bill led to another and they established the Social Security Act in 1935. Just following the Great Depression, Roosevelt knew that people needed help financially, and he definitely delivered. He once stated, “Social Security is the principle that we are all in it together, and it reflects basic American Values.” (1934). How the Social Security program works is you have working Americans putting money into the system every paycheck, paying for the people who qualify to receive benefits. On the backside,

Social Security Act was part of the FDR’s New Deal program. Social Security was initially a retirement program and later added survivors and disability insurance, and Medicare. (Shiller 258) Social Security is an important program in the U.S., especially for the elderly. As the elderly age, their health care expenses tend to get bigger as they age. This program is not designed to prevent poverty, it is designed to be a social insurance for the elderly. People become eligible to receive benefits only if they have worked for a certain amount of years and paid payroll taxes. Social Security has helped prevent poverty in the United States. In 2005, around 10% of older Americans were considered to be poor with Social Security, without Social Security the amount of elderly Americans in poverty would be around 49%. Beneficiaries are dependent of the social insurance as it accounts for a big portion of their total income when they are retired. From age 65 to 69, 27% of total income for beneficiaries comes from Social Security. Ages 70 to 74 38% of total income comes from Social Security benefits, ages 75 to 79 46%, and ages 80 plus 53%. Therefore, as beneficiaries become older, they begin to rely more and more Social Security benefits as a source of

The existence of social security has been around since the Medieval times, however primitive, this system continued to grow and eventual made its way to colonial America. Yet it wasn’t until August of 1935 when the Social Security Act was signed by Franklin D. Roosevelt, to implement social insurance during The Great Depression when poverty rates among senior citizens exceeded 50%. Originally, the Social Security Act of 1935 was named the Economic Security Act. The 1935 law only paid retirement benefits to the primary worker but a 1939 change in the law added retirees along with their spouse and children benefits. In 1956, disability benefits were then added. However, the Social Security Act itself was

As FDR pushes in through the Second New Deal one of most important programs ever passed was the Social Security Act of August 14, 1935, which would be beneficial for the American people personally “It created a system of old age pensions, unemployment insurance, and aid to the families with dependent children, the disabled, and elderly

As many of us know in 1935, President Roosevelt introduced and enforced the Social Security Act. This act was refined in order to “provide for the general welfare by establishing a system of Federal old-age benefits, and

The term "social security" has its origin in the welfare policy of President Franklin D. Roosevelt during the 1930's. In 1934 Roosevelt announced a program for "security against the hazards and vicissitudes to life (upartsch 1985:14). In 1935 this announcement was followed by the "Social Security Act".1 In 1948 social security was officially proclaimed a human right in Article 22 of the General Declaration of Human Rights of the United Nations. In 1952 the International Labour Office (ILO) introduced an ultimate definition of social security in Convention 102. Nowadays social security is a major component of welfare policies of all industrialized

The 1935 Franklin D. Roosevelt created the foundation for what today is Social Security. The bill entitled the Economic Security Bill and was the starting point for Social security. (ssa.gov) Social Security was enacted as part of the New Deal. Its purpose was to provide a safety net for the elderly and their direct survivors, as well, temporary unemployment benefits. The funding was a compulsory taxation of the employed workforce in shared responsibility with the employers (Hyman 2010 p. 312). The legislation was clear on the system design during the time of creation. Pensions were funded through tax payrolls, a separate tax for health insurance and finally the tax paid by the employers was allocated to unemployment benefits.