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

We are creating an enormous bureaucracy to take care of problem the magnitude and significance of which we really do not understand…. This is a problem so far-reaching, so important, and so long in duration that it should not be as an emergency measure, without the opportunity for review and consideration, so as to minimize the inevitable tinkering that will come.

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Elon H. Hooker, president of the Manufacturing Chemists Association. Senate Finance Committee hearings.

The Form and nature of the old-age insurance plan, is very questionable; the whole matter should have received careful study by an expert commission. It would mean an added tax burden equal to nearly half of the existing total Federal tax burden.

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Editorial, The New York Times.

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.

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Harper Sibley, the incoming president of Chamber of Commerce.

There is no such thing, biologically, socially or economically, as absolute security; but the greatest security comes from within the individual rather than from without and the Thames unduly to ensure, will so weaken the individual and cannot adapt circumstances and environment to himself, or himself to his surroundings.

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John C. Parker, President of the Brooklyn Edison Company.

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.