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
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.
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.
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.
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.
