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Social Security - Research Paper Example

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When the country’s stock market crashed in 1929, many businesses opted to cut back wages and some were even forced to stop their operation (Rosenberg, n.d.). As the citizens had little income, they started…
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Social Security
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Social Security

Download file to see previous pages... Many of them were abandoned by their siblings. Some elderly were found living in sidewalks asking for alms and a number of them died due to health problem. In 1932, the citizens were somehow relieved from the effects of the phenomenon when Franklin D. Roosevelt was elected as president and introduced the New Deal programs (Rosenberg, n.d.). Few of the programs were aimed to help the farmers and lessen the unemployment rate across the country (Rosenberg, n.d.). Aiming to provide sustainable support and effective social security to the American nation, President Roosevelt signed into law the Social Security Act in 1935 (Social Security Administration [SSA], 2000). The legislation contained many provisions promoting the general welfare. Nonetheless, its most distinguishing feature was the social insurance program for retired employees aging at least sixty five years. The retirees were paid a continuing income right after they retire. The monthly benefits were planned to start in 1942 (SSA, 2000). In such case, the Social Security paid the retirees their benefits in lump-sum from 1937 to 1942. A retired motorman was the first retiree who received a lump-sum payment under the law (SSA, 2000).
As a social legislation, the Social Security Act was designed to be adoptive to change. In the year 1939, it underwent a substantial amendment (SSA, 2000). The modification included two more benefits aside from the retirement benefits. The legislators added the dependents and survivors benefits. The former was made to benefit the spouse and minor children of the retired while the latter was for the family of the worker in case of premature death (SSA, 2000). In a sense, the amendment not only benefited the worker but also his or her family. As the economic situation of America began to regain strength, the amount of benefits to be received by the recipients was also increased. Moreover, the payment of monthly ...Download file to see next pagesRead More
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Social Security
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