Social Security Act of 1935

Social Security Act of 1935

Social Security Act of 1935 established old age insurance for much of the over 60 population. Half of the funds are provided by a payroll tax on workers and half is paid by employers. The act also provided federal unemployment insurance, welfare aid to low-income mothers (later amended to families), funding for individual state assistance to elderly individuals, and various other social insurance provisions.

Cry Wolf Quotes

Imagine the vast army of clerks which will be necessary to keep these records.

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Alf Landon, the 1936 Republican nominee for president.

Business and industry are already operating under heavy burdens: and that old –age insurance would cause more unemployment.

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Allen Treadway (R-Mass), the ranking minority member of the Ways and Means committee.

I fear it may end the progress of a great country and bring its people to the level of the average European. It will furnish delicious food and add great strength to the political demagogue. It will assist in driving worthy and courageous men from public life. It will discourage and defeat the American trait of thrift. It will go a long way toward destroying American initiative and courage.

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Senator Daniel O. Hastings (R-DE) speaks against Social Security in 1935.

The actual fact will be, in almost every case, that the whole tax will be borne either by the employe [sic] or by the consumer through higher prices. That is the history of all such taxes. This is because the tax is imposed in such a way that, if the employer is to stay in business, he must shift the tax to some one else.

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Alf Landon, the 1936 Republican nominee for president.