The Social Security Act is the one thing that pops into my head when i think of chapter 15. The act was meant to reassure people's confidence in the economy, reduce poverty, and make people confident in retirement. I wanted to write on this topic because i thought it really transformed the way people looked at life and especially retirement.
It established a system of old-age benefits, benefits of people involved in industrial accidents, the physically handicapped, the blind, unemployment insurance, and helped support single mothers and children. There was a lot of political turmoil going on because of the aftermath of the great depression. Roosevelt's administration felt that it was necessary that they act now to help people out. The United States social security insurance system was different than other nations. It was funded on peoples' wages and employers' payrolls unlike other nations where their systems were all Government funded. The bill was signed by President Roosevelt on August 14th, 1935 at 3:30 p.m.
The Social Security Act included three major parts:1) Old-age insurance for people 65 years or older including their spouses. Half of the funds came from the employer and the other half came from the worker.2) Unemployment compensation system. Funded by federal tax put on employers. This meant that weekly pay went from $15 to $18.3) Aid provided to dependent families with children came from federal funds available to the state.Like i said earlier i chose this topic specificially because it was very interesting to me and the way you save your money throughout your life can effect how happy of a retirement you could have, but if you make some mistakes every now and then and lose a lot of money the money you get monthly from social security could help you achieve your dreams of a great retirement and make life a little easier on yourself.http://www.ourdocuments.gov/doc.php?flash=true&doc=68http://www.u-s-history.com/pages/h1609.html
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