Thesis on Social Security

Social Safety was a good suggestion however someplace alongside the best way it was not thought out to final. The Social Safety Act was signed in to regulation by President Franklin D. Roosevelt on August 14, 1935. It included a number of provisions for basic welfare and created a social insurance coverage program designed to pay retired employees age 65 or older a seamless revenue after retirement. There two main provisions associated to the aged, Title I- Grants to States for Previous-Age Help, which supported state welfare packages for the aged, and Title II-Federal Previous-Age Advantages.It was Title II that was the brand new social insurance coverage program we now consider as Social Safety. Within the unique Act advantages have been to be paid solely to the first employee when he/she retired at age 65. Advantages have been to be based mostly on payroll tax contributions that the employee made throughout his/her working life. Cost of month-to-month Social Safety advantages started in January 1940, and have been approved not just for aged retired employees however for his or her aged wives or widows, kids below age 18, and surviving aged mother and father.The primary month-to-month retirement examine was issued on January 31, 1940 to a girl by the title of Ida Might Fuller of Ludlow, Vermont, within the quantity of $22. 54. Miss Fuller, a Authorized Secretary, retired in November 1939. She began gathering advantages in January 1940 at age 65 and lived to be 100 years outdated, dying in 1975. (http://www. ssa. gov/historical past/briefhistory3. html) Over time there have been many adjustments to the unique Social Safety Act (SSA). One in every of these adjustments occurred within the late 1960’s and early 1970’s. The SSA grew to become answerable for a brand new program, Supplemental Safety Revenue (SSI).Within the unique 1935 Social Safety Act, packages have been launched for needy aged and blind people and, in 1950, needy disabled people have been added. These three packages have been often called the "grownup classes" and have been administered by State and native governments with partial Federal funding. Over time, the State packages grew to become extra advanced and inconsistent, with as many as 1,350 administrative companies concerned and funds various greater than 300% from State to State. (http://www. ssa. gov/historical past/briefhistory3. html) From its modest beginnings, Social Safety has grown to turn out to be an important aspect of recent life.One in seven Individuals receives a Social Safety profit, and greater than 90 % of all employees are in jobs lined by Social Safety. From 1940, when barely greater than 222,000 folks obtained month-to-month Social Safety advantages, till as we speak, when over 50 million folks obtain such advantages, Social Safety has grown steadily. The SSI program has grown as nicely from its inception in 1974. In 2008 it was estimated that 50,898,244 Individuals obtained $615,344,000,000 in Social Safety and almost 7,520,501 Individuals obtained $43,040,000,000 in SSI advantages. ( gov/historical past/briefhistory3.html">http://www. ssa. gov/historical past/briefhistory3. html)
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