Social Security

Social Security

Social Security is one of the centerpieces of America's social safety net. It was created in 1935 by the Social Security Act (unemployment insurance and welfare were also instituted by this law).  Social Security is a federally administered and funded insurance program to alleviate poverty among the elderly. Social Security functions as a contributory system wherein workers and their employers contribute taxes to the program throughout their working lives, and are then able to utilize the fund upon retirement. The Social Security Act has been expanded and amended over the years.

Commentary

Lessons from FDR: When the Right Cries Wolf, Bite Back

August 14, 2010

Cry Wolf Quotes

In other countries, the problem is handled by taking the necessary sum each year from the current taxes. Otherwise the load would get so big as to be a menace. On the other hand, if industry is burdened with too heavy taxes, the result may be more unemployment in the future, killing the goose that lays the golden eggs.

-
Harper Sibley, the incoming president of Chamber of Commerce.

Never in the history of the world has any measure been brought in here so insidiously designed so as to prevent business recovery, to enslave workers, and to prevent any possibility of the employers providing work for the people.

-
Representative John Taber (R-NY)

[Social Security is] the end of democracy.

-
The American Liberty League pamphlet. 1935.

If the provisions of the bill now pending should be adopted, the country should realize that within a decade there will be a tax burden amounting to as much as $1 billion.

-
Chamber of Commerce statement.

Related Laws and Rules

Resources

Center for Economic and Policy Research (CEPR) is a progressive think tank that concentrates on social and economic policy, both domestic and international.

The Center on Budget and Policy Priorities (CBPP) is a think tank focused on tax and fiscal policy. They provide in-depth analysis of state issues.