Social Security Act Of 1935

1167 Words Dec 9th, 2015 5 Pages
Social Security Act of 1935 We all can agree that in the past years there has been many events that has impacted America. One ever lasting effect was left by the Social Security Act of 1935. The Social Security programs are designed to protect individual families from income loss due to unemployment, sickness, old age, death, and to improve citizens ' welfare ("Why Social Security?"2015).
Through public service and economic assistance, with a task of raising a family. Leaving a huge impact on America 's society that changed everyone 's life.
In 1929 an event triggered to a change in America 's economic life(Social Security Act"2015).The stock market crashed. Black Tuesday hit Wall Street as investors traded some 16 million shares on the New York Stock Exchange in a single day. Billions of dollars were lost, wiping out thousands of investors(Katznelson2015).
In the aftermath of Black Tuesday, America and the rest of the industrialized world spiraled downward into the Great Depression. the deepest and longest-lasting economic downturn in the history of the Western industrialized world. In the United States .
Over the next several years, consumer spending and investment dropped, causing steep declines in industrial output and rising levels of unemployment as failing companies lay off workers. By 1933, when the Great Depression reached its nadir, some 13 to 15 million Americans were unemployed and nearly half of the country’s banks had failed(Social Security Act."2015).…

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