Social Security: A Brief History

The Great Depression, which lasted from about 1929 to 1939, began when the American Stock market bottomed out. Even though only three present of Americans had money in the Stock Market, banks at that time were allowed to invest in the stock market . Therefore many banks fell , which included the loss of many American’s banked money. Factories shut down, and businesses closed, unemployment was reported at 25%, but in areas the experienced the Dust Bowl, this number seems optimistic. America caused a global depression as well.

The impact of all of these options are huge because they affect every American. The options provided here are the 6 biggest options when it comes to Social Security. Now that everyone knows what might happen, lets talk more about the when. In 2010, the amount of money coming in was to small to pay back to people. Interest from the trust bonds was collected to help aid in maintaining full benefits. As a temporary solution, shaving the interest off the bonds would have been a great fix, but the original problem still exists. Nothing has been done to balance the money in to money out ratio. Unless Congress makes some big calls, in 2020, the SSA will be forced to sell their bonds. With the interest already being collected, and now the bonds being sold, the amount of money earning interest would severely drop.

Many americans were affected by the crash because they depended on the stock market. The banks suddenly started to fail also, after the stock market crashed. Some banks started to shut down. The industrial production dropped by half. The farmers could not sell any crops because the prices had to increase. In 1930, the first banking panics began. President Hoover wanted support the falling industry and banks. He tried hard to make loans and help the country. The crash of the stock market was only the beginning of the great depression. Banks were forced to closed, causing clients to lose money and income, making them have a hard time. They had to figure out how to keep up with their incomes and wages. How to help out their family. They lost their jobs and that made it difficult for them to pay their needs. While the jobs became more scarce, unemployment was abundant. The great depression also cause other types of people to become unemployed.

In 1929 the Stock Market crashed was said to have “ushered in” the Great Depression. After Wall Street and the Stock Market crash of 1929, the banks began to fail. By 1933 over half of the banks in the United States had failed and went out of business. The economy came to a full stop as businesses could no longer access credit lines to purchase inventory, checks were no longer accepted as currency due to the multitude of failing financial institutions which led to an unemployment rate reported to be as much as 30 percent of the available workforce. (“First measured century: Timeline,” n.d.)

This source discusses the great crash of 1929. The year 1929 saw the peak of the roaring ‘20s which was known as the “Bull Market” and the stock market collapse that led to the Great Depression. This source also discusses how one third of the U.S. workforce was unemployed which is also a reason for

Hoover was elected in 1928 and one year later the country was plunged into a great depression. Wanting to fix this great depression, Franklin Roosevelt purposed his New Deal. But this New deal had its flaws as well as being unconstitutional. But FDR did do good things as well. Some of these things were taking America off the gold standard.

     Social Security is a public program designed to provide income and services to individuals in the event of retirement, sickness, disability, death, or unemployment. In the United States, the word social security refers to the programs established in 1935 under the Social Security Act. Societies throughout history have devised ways to support people who cannot support themselves. 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 person’s earnings and the taxes collected from those earnings that went to finance Social Security benefits. The Social Security Act is an act in which

The United States had just gotten out of the first World War when the Great Depression hit. The stock market crashing was a primary cause of the Depression. Because companies were over-speculating their stock, people weren’t buying it. This caused a huge crash, the biggest one in history. After this, people weren’t spending as much money on consumer products as they had before the war. This caused a decline in production of goods which in turn led to unemployment. With people out of work, they didn’t have a steady flow of income to support

In response to the Stock Market Crash of 1929 and the Great Depression, Franklin D. Roosevelt was ready for action unlike the previous President, Hubert Hoover. Hoover allowed the country to fall into a complete state of depression with his small concern of the major economic problems occurring. FDR began to show major and immediate improvements, with his outstanding actions during the First Hundred Days. He declared the bank holiday as well as setting up the New Deal policy. Hoover on the other hand; allowed the U.S. to slide right into the depression, giving Americans the power to blame him. Although he tried his best to improve the economy’s status during the

Eight months before the market crashed the White House struggled to set the industry in motion again. Franklin D. Roosevelt the popular governor of New York during the crisis, argued that the Depression stemmed from the U.S. economy 's underlying flaws. President Hoover replied that the economy was fundamentally sound, but had been shaken by the repercussions of a worldwide depression. This argument had clear implication. Hoover depended his argument largely on natural processes of recovery, while Roosevelt used the federal government 's authority for experimental remedies.The election resulted in a victory for Roosevelt, who won 22,800,000 votes to Hoover 's 15,700,000. In 1933 Franklin Roosevelt brought confidence and optimism to the United States that quickly brought people welcoming his program, known as the New Deal.

Roosevelt spent the first 100 days in office creating new government agencies. Those agencies gave jobs to the unemployed, helped farmers and families, and gave hope to a country

     There is much-heated debate on the issues of Social Security today. The Social Security system is the largest government program of income distribution in the United States. People are concerned that they won't see a dime of what they worked so hard to contribute into the Social Security system for so many years. Social Security provides benefits to about forty-three million Americans. Not only to retired workers, but also to their spouses and dependents of the workers who die prematurely. It also provides benefits to disabled workers and their dependents. Social Security appears to most people like a simple retirement saving’s account. After all, you generally

Another article related to this topic is “Understanding public attitudes towards Social Security” (Yang & Barret, 2006). Even though, the observation reflected a calm environment, the Social Security Administration office has been struggling in terms of its economy for many years. According to Yang and Barret’s case study, “ the Social Security system in the United States has served tens millions of Americans” and “finding of a positive relationship between age and support for Social Security also challenges much of the established knowledge, pointing to inter-generational discord over Social Security.” (Yang & Barret, 2006). Likewise, during the observation, people at the Social Security Administration office included great diversity.

Social security, the federal retirement system, is one of the most popular government programs in United State?s history. Today, Social Security benefits are the backbone of the nation's retirement income system. The long road to the successful development of social security began in 1935. Before 1935, very few workers received job pensions. Those workers that were covered never received benefits because they were not guaranteed.

The Social Security System is in need of a new reform; our current system was not designed for the age stratification we have at this time. The U.S. Social Security Administration Office of Policy states, “The original Social Security Act, signed into law on August 14, 1935, grew out of the work of the Committee on Economic Security, a cabinet-level group appointed by President Franklin D. Roosevelt just one year earlier. The Act created several programs that, even today, form the basis for the government's role in providing income security, specifically, the old-age insurance, unemployment insurance, and Aid to Families with Dependent Children (AFDC) programs.” Social Security was modeled to aid the elderly citizens, however during the