Page 2 - Social Security - Day 1 To Today
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SOCIAL SECURITY WHEN IT BEGAN, AND WHY
The year was 1929. The stock market had just crashed, and
the ensuing great depression was about to take its toll.
Putting food on the table was a daily struggle. Millions of
Americans were engaged in a struggle for their very
economic survival. Their retirement funds had been
completely wiped out. Saving for future retirement was a
thing of the past. Their future was not looking good.
To fill this void Government created a social safety net
program called Social Security. It was, labeled as an
economic safety net for millions of seniors who had lost so
much. Signed into law in 1935, Social Security was based
on one generation of workers providing partial retirement
funding for another generation of retirees through a
payroll tax contribution known as a FICA tax. Politicians
said it would help to keep future retiring senior above the
poverty level.
PEOPLE WERE JUMPING OUT OF WINDOWS – MILLIONS HAD LOST THEIR LIFE SAVINGS
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