Essay On Social Security Act

The Social Security Act of 1935, written by President Franklin Roosevelt, was meant to establish an old age pension system. It is funded by taxes on individuals’ wages and employers’ payroll. The Act also provided funds to unemployed Americans as well as services for the promotion of the health of children and their mothers chiefly in area in severe economic distress. It was established when Roosevelt realized that American citizens who were no longer able to take care of themselves had nothing to depend upon during hard economic times; such as the great depression. The social security act was meant to provide money in the form of a monthly income or as services to all people who could not generate their own income. The Social Security Act is reputable for issuing pensions for the elderly and retired Americans. Starting at the age of sixth five and ending on the day they die, the recipients would receive a monthly payment from the social security as defined here: “Every qualified individual (as defined in section 210) shall be entitled to receive, with respect to the period beginning on the date he attains the age of sixty-five, or on January 1, 1942, whichever is the later, and …show more content…
It gave the states assistance by giving them the authority to sequester funds from its citizens and the power to give back the money when individuals become unemployed as stated here: “For the purpose of assisting the States in the administration of their unemployment compensation laws, there is hereby authorized to be appropriated, for the fiscal year ending June 30, 1936, the sum of $4,000,000, and for each fiscal year thereafter the sum of $49,000,000, to be used as hereinafter provided.” (Roosevelt 165) ( in today’s economy that would be about 70 million dollars and 865 million dollars). This would help stabilize the economy in times of economic