President Franklin D. Roosevelt

1069 Words Jul 29th, 2015 5 Pages
President Franklin D. Roosevelt signed the Social Security Act into law on August 14, 1935. The main intentions of this act were to provide benefits for the elderly population that was retired and not able to work. This act helped to protect the elderly against poverty if they were not able to save for retirement during their working years. At the time of the signing, only retired people of 65 years or older were eligible for these benefits. This act also included unemployment insurance, old age assistance, aid to dependent children, and grants to states to provide various forms of medical care. Things such as disability coverage and medical benefits would come later. Today we have many issues with our social security program, largely to do with the deficit, to understand how to fix the deficit we must understand how it was created and its current condition, then we must exhaust all possible solutions to begin to form a plan for congress to put into action.
Social Security Deficit A deficit is where a government entity is essentially using more money than it is receiving during that year. Social security collects its money mainly through income taxes. It then uses that money to pay the scheduled benefits to people receiving social security. The different people that are receiving social security are people that qualify for Disability Insurance, Hospital Insurance, and Old Age and Survivor Insurance. The cause of this deficit is that social security is not collecting enough…
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