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Social Security Act Of 1935

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Social Security Act Of 1935
Thu United States Social Security Act of 1935, was a law signed by President Franklin D. Roosevelt, on August 14, 1935, in the throes of the Great Depression. Previous to the act, the federal government did not have any plan for pensions, public assistance, unemployment or health insurance (except for war veterans), but the Great Depression generated misery across the country. The response to this situation was the Social Security Act, which was funded by payroll taxes mainly, besides some startup costs. The objective of the Act was to provide a steady income for retired workers who were 65 years or older. A significant difference from the European countries, is that American social security program was supported by contributions
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