Franklin Roosevelt’s New Deal: Social Security

Franklin Roosevelt’s New Deal: Social Security

Signed in 1935 in Franklin Roosevelt’s New Deal, Social Security has actively played a role in the American economy. The original as well as the amended system entails many social welfare and social insurance programs. Consisting of unemployment benefits, temporary assistance for needy families, health insurance for the aged and disabled, grants for medical assistance programs, state children’s health insurance, and supplement security income, Social Security ultimately aids people who need help in assuring a comfortable lifestyle. Social security is the biggest government program in the world; it is also the greatest expense in the federal government budget. It takes up 37% of the government budget and accounts for 7% of the gross domestic product. However, with increasing costs of the standard of living and a federal government deficit in the budget needed to supply all of these people with the necessary amount of assistance, social security is not a reliable source for retirement income.
Whereas the Social Security installed in the American system today covers an abundance of people, in 1935, Roosevelt intended that social security be used in order to limit the dangers that lay in the path of modern Americans today- old age, poverty, unemployment, and burdens of widows and fatherless children. However, over the years the addition of people to the program seemed to defeat the purpose and instead left room for taxes to be raised which would later spark debate. Previous to this document being signed, America had no programs to help the people of America other than war veterans. Generating nationwide misery in the 1930s, a depression sparked the idea for old age pensions coordinated by the help of Francis Townsend, a California doctor. It was established that this program would be funded by payroll taxes.
The social security system since then has evolved through multiple amendments added to the original text. In 1939, surviving spouses and minor children...

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