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

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.

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.

Unfortunately, the measure is in some respects ill-considered. It’s constitutionality is by no means certain: if the Federal Government may compel the states to adopt unemployment insurance under the guise of a tax, why may it not similarly compel them to adopt any other sort of legislation

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Editorial, The New York Times.

There is every probability that the cash they pay in will be used for current deficits and new extravagances. We are going to have trouble enough to carry out an economy program without having the Treasury flush with money drawn from the workers…

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Alf Landon, the 1936 Republican nominee for president.

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.