About this trail:
Learn about Social Security Act with this trail.
Trail link: http://www.trailfire.com/Coolgal/trails/31274
Summary: http://www.trailfire.com/Coolgal/trailview/31274
Summary: http://www.trailfire.com/Coolgal/trailview/31274
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1
The Social Security Act of 1935, enacted in the midst of the Depression, is widely seen as one of the most important legislative accomplishments in U.S. history. The law created a program to provide lifetime payments to retired workers beginning at age 65, laying the foundation for today's Social Security program. The legislation also set up the federal system of unemployment insurance and authorized federal grants to the states for various purposes.
2
Social Security in the U.S. is a social insurance program funded through dedicated payroll taxes called FICA (Federal Insurance Contributions Act). When initially signed into law by President Franklin D. Roosevelt in 1935, the term Social Security covered unemployment insurance as well. The term, in everyday speech, is used only to refer to the benefits for retirement, disability, survivorship, and death, which are the four main benefits provided by traditional private-sector pension plans.
3
Social Security is one of America's most important and successful programs, providing over $471 billion in benefits to more than 47 million people in 2003. While Social Security is often considered simply a retirement program, about one-third of its beneficiaries are not retirees. Social Security guarantees working and retired Americans and their families economic stability that keeps them out of poverty.
4
Social Security, the federal retirement system, is one of the most popular government programs in the US history and nearly everyone supports keeping it solvent. But no consensus has emerged, either in Washington or among the public at large, on what approach the government should take. Despite the recent slowdown, the economic boom of the past few years has helped push off the Social Security problem, with the latest estimates showing the fund able to pay its bills through 2042.
5
Each individual in U.S. is required to be registered with government by law. This number is very useful for the government as well as for the individual. Government can keep track of the individual from this particular number. You will need the SS number for any official paper work or dealings e.g. while filling Tax forms or while opening a bank account, getting U.S. passport, buying savings bonds, get medical insurance or while getting a membership in the public library. A person's entire credit history can be traced from this number.
