SocSec85 Initiated by President: Franklin Roosevelt
Year : 1935
Time : During Great Depression
Purpose: Long-term Solutions
Primarily designed : to support people nearing retirement age.
85 years ago today ie., August 14th 1935, FDR signed the Social Security Act. Right from its implementation it has been as effective at preventing poverty . It enables so many Americans to retire with dignity . This Act Provides Benefits to 8.5 million Americans with Disabilities.
In the United States Without Social Security :
1. Elderly poverty rate : would increase from 9.2 percent of seniors to nearly 40 percent
2. Out of every 2 in 5 older Americans will be living in poverty.
Social Security :
- Is for seniors
- Is for disability insurance for workers and their families
- lifted 21,987,628 Americans out of poverty in 2017
- lifted 15,304,000 Americans aged 65 or older out of poverty in 2017
- Lifted 42,446,992 of the United State’s retired workers in 2017
UNITED STATES’S SOCIAL SECURITY BENEFICIARIES, 2018:
1. Retired Workers 65%
2. Disabled Workers 15%
3. Children 8%
4. Widowers 8%
5. Spouses 4%
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100%
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Just as enacting SocSec was a solution 85 years ago, expanding Social Security, while requiring the wealthy to pay their fair share, is a solution we should embrace today. " Many feel that Social Security Expansion Act should be enhanced. What is your take on it.
Interesting Read: on Social Security
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