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Papers > History > social securiies act
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social securiies act |
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... The Social Securities Act (1935) created a system of old age pensions and unemployment insurance, and the fair labor standards act(1938) established a federal minimum wage and maximum hours policy both laws however excluded millions of people. ... In 1934 President Franklin Roosevelt created a committee on economic security to draft a program of guaranteed social support for all US citizens. ... Congress subsequently changes the name of the bill to Social Security, and approved it by the middle of 1935. President Roosevelt signed the Social Security Act into law in August of that year. The Social Security Act was comprehensive law consisting of 11 titles or subjects. ... To most Americans old age benefits for retired adults became synonymous with the term Social Security. ... Only old age benefits and Unemployment Compensation operated as social insurance programs. The federal government deducted taxes from workers pay to finance Social Security benefits, while states collected a tax from employers to finance unemployment benefits. Social Security and unemployment benefits came directly out of funds established to hold these taxes, rather than from general tax revenues. The other four program titles of the Social Securities Act were forms of welfare funded by general federal revenues. ... In 1937 the government began issuing Social Security identification cards to all citizens. Each card had a unique number that the government used to keep track of a persons earnings and the taxes collected from those earnings that went to finance Social Security benefits. Two titles of the Social Security Act specified the manner in which taxes would be deducted from workers earnings to finance both old age benefits and unemployment compensation. |
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Title: social securiies act
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