Social+Security+Ac

= Social Security Act = = = = = =Good evening, friends. While we push through the sufferings of the present, we are looking towards the future of our country. On August 14th, I signed a bill to help secure your future: the Social Security Act. The idea behind this act is to “frame a law which will give some measure of protection to the average citizen and to his family against the loss of a job and against poverty-ridden old age.” We need to bring it back old-time community values that were lost during the age of industrialism. The government during this time of economic distress seeks to support you and see you through this hard time. This piece of legislation will provide unemployment insurance, old-age assistance, aid to children, and limited forms of medical care. It will be funded through your regular payments to the government for your future retirement fund. = = = = =   ** Immediate Impact** - Social Security did not have a large impact during the depression since many people did not pay into it or receive their benefits yet. - Monthly benefits for social security did not begin until 1942. From 1937-1942 the program built up the their trust funds. - In the beginning, cost of living was not factored in to the payments, so people would receive the same payment every month for 10 years. This changed in 1950.

- Since 1937, over $8.7 trillion has been put into trust funds, and more than $7.4 trillion has been paid out. The rest of the money is in the reserve funds. - There have been many changes over the years due to the economy. - Due to baby boomers and economy problems, the status of social security in the future is questionable. - Today over 90% of all workers have social security.
 * Long Lasting Impact**

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