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
We believe that this measure, if adopted, means at best an annuity of doubtful value for the aged of the future and unemployment benefit of doubtful value for the normally temporarily unemployed of the future--at the terrific cost of retarding the reemployment of those who are unemployed today.
[Social Security will ] impose a crushing burden on industry and labor [and] establish a bureaucracy in the field of insurance in competition with private business.
Imagine the vast army of clerks which will be necessary to keep these records.
[Social Security is] the end of democracy.
