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Social Security Act

4.05 Honors
Overview
A federal insurance program that
provides benefits to retired people
and those who are unemployed or
disabled. The Social Security Act was
enacted August 14, 1935. The Act
was drafted during President Franklin
D. Roosevelt's first term by the
President's Committee on Economic
Security, under Frances Perkins, and
passed by Congress as part of the
New Deal. The Act was an attempt to
Questions
B. Who benefits from this program and how?
-The main group of Americans who benefit from Social Security are
the disabled and the elderly. Also social security assists many people
who impacted by an unforseen situation.
C. What is the yearly cost to the American taxpayer? What is the
historical cost data?
-The American taxpayer pays 4.2% of their wages each payday,
while the employer pays 6.2% each time under your name.
D. What percent of the total federal budget is spent on this program
relative to other programs?
-Relative to other programs, 22.6% of the total federal budget is
spent on Social Security.
E, What is the impact of this program on price stability, full
employment, and economic growth?
-Social Security has not had an impact on price stability, however it
does have an impact towards full employment and economic growth .
Continued
F. What is the potential impact beyond the direct
payment recipient?
-Some people use Social Security as their only source of
income while others do not use it until they are retired.
Some professionals are against the program because it is
to be believed that there will not be enough funds in the
future. It also is difficult for some Americans to
comprehend that without social security many of these
families would not be able to live
G. What are the professional opinions in support of and
against the program?
- In my opinion, congress should continue to fund the
Social Security program. There are some people who rely
on Social Security as their only source of income. I
understand there are millions of people who feel cheated
that they are paying to support other families when they
Continue Funding Social
While there haveSecurity
been many arguments for
reasons to discontinue the funding of social
security, I think it is very ignorant to believe that
funding these families with little to no income is
not important. We have no idea what hardship
put them in their current situation. Also if it us or
one of our loved ones put in a situation where
they can no longer work because of a severe
injury we would want to closure of knowing they
will have some sort of income. Yes, it is probably
true that some people take advantage of the
system. However, putting good people who are in
need on the streets to die is not okay. Social
Security is not a perfect system but it is a
necessary one. Statistics say that about 56
Resources
"5 little-known facts about Social Security." 5 Little-known
facts about Social Security. N.p., n.d April 14, 2017

"Social Security". The united states Administration. N.p , N.d


April 14, 2017
http://www.ssa.gov/

"Social Security- Just Facts"- Social Security- just facts N.p.,


n.d April 24, 2017
http://www.justfacts.com/socialsecurity.asp
Stark, Caitlin. "By the numbers: Social Security -
CNNPolitics.com." CNN. Cable News Network, 17 Aug. 2012.
Web. 14 Apr. 2017.

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