A program managed by the U.S. federal government. It distributes financial benefits to retired or disabled people, their spouses, and their dependent children based on their reported earnings.
♦ August 14, 1935, President Roosevelt (Democrat) signed into law the New Deal.
It contained the Social Security Act.
♦ Social Security is said to be the most successful anti-poverty program in our country’s history.
It is experiencing some serious financial reckoning as baby boomers retire. Something neither of the two main political parties have been willing to address.
♦ Many members of the Republican Party complain that Social Security is a form of social welfare and unfairly redistributes money from the wealthy to the poor. Thus their passion for eliminating Social Security.
• While you work, you may pay taxes into the Social Security system.
• When you retire or become disabled, you, your spouse, and your dependent children may get monthly benefits that are based on your reported earnings.
• Your survivors may be able to collect Social Security benefits if you die.
♦ Social Security is a safety net for 94 million of people.