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Social Security



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S o c i a l S e c u r i t y Can It Be Fixed by Angela Oberbauer 2005 The Preamble To The Constitution We the People of the United States in Order to form a more perfect Union establish Justice insure domestic Tranquility provide for the common defence promote the General Welfare and secure the Blessings of Liberty to ourselves and our Posterity do Ordain and establish this Constitution for the United States of America The Roots of Social Welfare in the America 1 Before the 20th Century little welfare public education veterans of Wars and for farmers in late 19th Century 2 Somewhat social help with severe depression in mid 1890s 3 The Great Depression from 1929 throughout early and mid 1930s 4 President Franklin D Roosevelt elected 1932 and his New Deal Programs of Relief Recovery and Reform A Challenges facing Roosevelt Enormous unemployment 25 across the nation however 50 in many communities relying on one or two hard hit industries B New Deal Programs Executive Order Nov 1933 Created Civil Works Admin Emergency Federal employment Federal Emergency Relief Adm Few dollars a week to unemployed Works Progress Adm Paid out 55 00 a month Construction or improvement of more than 20 000 schools playgrounds hospitals and airfields across the nation Social Security Act 1935 The Birth of Social Security What is it 1 A Compulsory Old Age Insurance 2 Public assistance for the needy aged blind and families with dependent children later those with disabilities was added 3 Unemployment Insurance and Compensation How does Social Security Work 1 The Act requires the employee today to put in 6 20 of wages maximum earnings taxable of 90 000 00 dollars This percentage is matched by employer 12 40 together 2 Plus Medicare added in 1960s Great Society Program A combined 2 90 by both employee employer with no limit on maximum earnings taxable provides medical care for retirees pays hospital and physicians bills pays for at least part of prescription drug expenses 3 Pay as you go transfer



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