Social Security in four parts

Social Security

Part 1: history and future

The Social Security Act was signed into law on August 14, 1935, creating a social insurance program to pay retired workers age 65 and older a stable income after retirement. Enacted in the midst of the Great Depression in response to crushing poverty and a shift from agrarian self-sufficiency to post-industrial urbanization, the original Act sought to provide Americans with protection against the “hazards and vicissitudes of life”.  Since its inception, millions of Americans have received benefits from the program, yet despite strong public support, the program has faced a series of funding challenges that continues to threaten its existence. Continue reading