Facts About The Great Depression That Aren’t As Dark And Gloomy As You’re Expecting

The Safety Nets Of All Safety Nets

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Under the leadership of President Franklin D. Roosevelt, the Social Security Act of 1935 was signed into legislation. It was the first time Americans could enjoy a federal safety net for unemployed, elderly and disadvantaged individuals.

It was created to pay financial benefits to retirees over the age of 65 based on their lifetime payroll tax contributions. The Act would go on to establish the Social Security Administration which ended up figuring out the logistics of the Social Security programs we see today.