Why was social security invented?

Answer 1

to assure the elderly that if another event like the Great Depression were to occur, elderly would be given a type of 'allowance' so that they could survive through hard times. During the Great Depression the elderly couldn't find jobs or were unable to work so social security was invented to bring aid to the elderly and disabled.

Answer 2

The (OASDI) Old Age Survivor and Disability Insurance (FICA) (social security and Medicare taxes) all mean the same tax.

Go to the SSA.gov web site and use the search box for Social Security History

In this extensive collection of history-related materials, we present both the institutional

history of the Social Security Administration and the history of the Social Security program.

Click on the below Related Link

Answer 3

In 1935 about a dozen states had some old age insurance laws but these programs were underfunded and pretty worthless. Wisconsin had an uninsurance program but was not very successful at managing it. In addition to that, The United States was the only modern industrial country, where people faced the Depression without any national system of social security. Even the work programs of the "First New Deal" were just meant as immediate relief, destined to run less than a decade. The most important program of 1935, and perhaps the New Deal as a whole, was the Social Security Act. It established a permanent system of universal retirement pensions (Social Security), unemployment insurance, and welfare benefits for the handicapped and needy children in families without father present. It established the framework for the U.S. welfare system. President Roosevelt insisted that it should be funded by payroll taxes rather than from the general fund. Compared with the social security systems in western European countries, the Social Security Act of 1935 was rather conservative. But for the first time the federal government took responsibility for the economic security of the aged, the temporarily unemployed, dependent children and the handicapped.

Answer 4

In 1935, Social Security was proposed because so many elderly people were living in poverty. It also provided for disabled people, children, public health and unemployment insurance. In general, the Congressional votes in favor were Democratic, with some No votes from Republicans.

Answer 5

Before social security people didn't have any money for retirement. The social security administration collects money from everyone's pay check and when they retire they get it back. A person needs to have 40 quarters into the system.