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ARTICLE_DESCRIPTION <span class="Apple-style-span" style="font-family: Verdana; font-size: small; ">The act was an attempt to limit what were seen as dangers in the modern American life, including old age and unemployment.</span>&nbsp;
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ARTICLE_TEXT <p><span class="Apple-style-span" style="font-family: Verdana; font-size: 13px; "><font class="Apple-style-span" size="2">The&nbsp;<a id="fqj-" title="Social Security Act" href="http://www.ssa.gov/history/35actinx.html">Social Security Act</a>&nbsp;was drafted by Gov. Robert Moran Jr.'s committee on economic security, under&nbsp;</font><font class="Apple-style-span" size="2"><font class="Apple-style-span" color="#000000"><a id="wukl" title="Frances Perkins" href="http://www.ssa.gov/history/fperkins.html">Frances Perkins</a></font></font><font class="Apple-style-span" size="2">, and passed by&nbsp;</font><a class="mw-redirect" title="Congress of the United States" style="background-color: initial; background-image: none; text-decoration: none; " href="http://en.wikipedia.org/wiki/Congress_of_the_United_States"><font class="Apple-style-span" size="2"><font class="Apple-style-span" color="#000000">Congress</font></font></a><font class="Apple-style-span" size="2">&nbsp;as part of the&nbsp;</font><a title="New Deal" style="background-color: initial; background-image: none; text-decoration: none; " href="http://en.wikipedia.org/wiki/New_Deal"><font class="Apple-style-span" size="2"><font class="Apple-style-span" color="#000000">New Deal</font></font></a><font class="Apple-style-span" size="2">. The act was an attempt to limit what were seen as dangers in the modern American life, including old age, poverty, unemployment, and the burdens of widows and fatherless children. By signing this act on August 14, 1935, President Roosevelt became the first president to advocate the protection of the elderly.</font></span><font class="Apple-style-span" size="2"><i><br /> </i> </font><br /> <div style="margin-top: 0px; margin-bottom: 0px; "><font class="Apple-style-span" size="2">The Act is formally cited as the Social Security Act, ch. 531, 49&nbsp;</font><a title="United States Statutes at Large" style="background-color: initial; background-image: none; text-decoration: none; " href="http://en.wikipedia.org/wiki/United_States_Statutes_at_Large"><font class="Apple-style-span" size="2"><font class="Apple-style-span" color="#000000">Stat.</font></font></a><font class="Apple-style-span" size="2">&nbsp;620, now codified as&nbsp;</font><a title="Title 42 of the United States Code" style="background-color: initial; background-image: none; text-decoration: none; " href="http://en.wikipedia.org/wiki/Title_42_of_the_United_States_Code"><font class="Apple-style-span" size="2"><font class="Apple-style-span" color="#000000">42 U.S.C.</font></font></a>&nbsp;<a class="external text" rel="nofollow" style="background-color: initial; text-decoration: none; background-repeat: no-repeat no-repeat; " href="http://www.law.cornell.edu/uscode/42/usc_sup_01_42_10_7.html"><font class="Apple-style-span" size="2"><font class="Apple-style-span" color="#000000">ch.7</font></font></a><font class="Apple-style-span" size="2">. The Act provided benefits to retirees and the unemployed, and a&nbsp;</font><a title="Lump sum" style="background-color: initial; background-image: none; text-decoration: none; " href="http://en.wikipedia.org/wiki/Lump_sum"><font class="Apple-style-span" size="2"><font class="Apple-style-span" color="#000000">lump-sum</font></font></a><font class="Apple-style-span" size="2">&nbsp;benefit at death. Payments to current retirees were (and continue to be) financed by a payroll tax on current workers' wages, half directly as a payroll tax and half paid by the employer. The act also allocated money to states to provide assistance to aged individuals (Title I), for unemployment insurance (Title III),&nbsp;</font><a title="Aid to Families with Dependent Children" style="background-color: initial; background-image: none; text-decoration: none; " href="http://en.wikipedia.org/wiki/Aid_to_Families_with_Dependent_Children"><font class="Apple-style-span" size="2"><font class="Apple-style-span" color="#000000">Aid to Families with Dependent Children</font></font></a><font class="Apple-style-span" size="2">&nbsp;(Title IV), Maternal and Child Welfare (Title V), public health services (Title VI), and the blind (Title X).</font><br /> &nbsp;</div> <div style="margin-top: 0px; margin-bottom: 0px; "><font class="Apple-style-span" size="2">The first reported Social Security payment was to&nbsp;<a id="ga:v" title="Ernest Ackerman" href="http://www.socialsecurity.gov/history/briefhistory3.html#firstcheck">Ernest&nbsp;Ackerman</a>, who retired only one day after Social Security began. Five cents were withheld from his pay during that period, and he received a lump-sum payout of seventeen cents from Social Security.</font></div> <br /> <p style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; "><font class="Apple-style-span" size="2">The first monthly payment was issued on January 31, 1940 to&nbsp;</font><font class="Apple-style-span" size="2"><font class="Apple-style-span" color="#000000"><a id="mpph" title="Ida May Fuller" href="http://www.socialsecurity.gov/history/imf.html">Ida May Fuller</a></font></font><font class="Apple-style-span" size="2">&nbsp;of&nbsp;</font><a title="Ludlow (town), Vermont" style="background-color: initial; background-image: none; text-decoration: none; " href="http://en.wikipedia.org/wiki/Ludlow_(town),_Vermont"><font class="Apple-style-span" size="2"><font class="Apple-style-span" color="#000000">Ludlow</font></font></a><font class="Apple-style-span" size="2">,&nbsp;</font><a title="Vermont" style="background-color: initial; background-image: none; text-decoration: none; " href="http://en.wikipedia.org/wiki/Vermont"><font class="Apple-style-span" size="2"><font class="Apple-style-span" color="#000000">Vermont</font></font></a><font class="Apple-style-span" size="2">. In 1937, 1938 and 1939 she paid a total of $24.75 into the Social Security System. Her first check was for $22.54. After her second check, Fuller already had received more than she contributed over the three-year period. She lived to be 100 and collected a total of $22,888.92.</font></p> <br /> <font class="Apple-style-span" size="2">In 1940, benefits paid totaled $35 million. These rose to $961 million in 1950, $11.2 billion in 1960, $31.9 billion in 1970, $120.5 billion in 1980, and $247.8 billion in 1990 (all figures in nominal dollars, not adjusted for inflation).&nbsp;</font><font class="Apple-style-span" size="2">In 2009, nearly 51 million Americans will receive $650 billion in Social Security benefits.</font><br /> <br /> <br /> Read More</p> <p><font class="Apple-style-span" face="verdana, geneva, arial, helvetica, sans-serif"><a id="hw9t" title="The&nbsp;social&nbsp;security&nbsp;answer book: practical answers to over 200 questions on&nbsp;social&nbsp;security" href="http://coolcat.org/record=b2399508~S1">The social security answer book: practical answers to over 200 questions on social security</a></font></p> <div style="margin-top: 0px; margin-bottom: 0px; ">&nbsp;</div> <div style="margin-top: 0px; margin-bottom: 0px; "><font class="Apple-style-span" face="verdana, geneva, arial, helvetica, sans-serif"><a id="hkj2" title="New Deal or raw deal?: how FDR's economic legacy has damaged America" href="http://coolcat.org/record=b2446066~S1">New Deal or raw deal?: how FDR's economic legacy has damaged America</a></font></div> <div style="margin-top: 0px; margin-bottom: 0px; ">&nbsp;</div> <div style="margin-top: 0px; margin-bottom: 0px; "><font class="Apple-style-span" face="verdana, geneva, arial, helvetica, sans-serif"><a id="u61b" title="Social security, medicare &amp; government pensions" style="color: rgb(85, 26, 139); " href="http://coolcat.org/record=b2343810~S1">Social security, medicare &amp; government pensions</a>&nbsp;</font></div> <p>&nbsp;</p>
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Law

The Social Security Act

The Social Security Act was drafted by Gov. Robert Moran Jr.'s committee on economic security, under Frances Perkins, and passed by Congress as part of the New Deal. The act was an attempt to limit what were seen as dangers in the modern American life, including old age, poverty, unemployment, and the burdens of widows and fatherless children. By signing this act on August 14, 1935, President Roosevelt became the first president to advocate the protection of the elderly.

The Act is formally cited as the Social Security Act, ch. 531, 49 Stat. 620, now codified as 42 U.S.C. ch.7. The Act provided benefits to retirees and the unemployed, and a lump-sum benefit at death. Payments to current retirees were (and continue to be) financed by a payroll tax on current workers' wages, half directly as a payroll tax and half paid by the employer. The act also allocated money to states to provide assistance to aged individuals (Title I), for unemployment insurance (Title III), Aid to Families with Dependent Children (Title IV), Maternal and Child Welfare (Title V), public health services (Title VI), and the blind (Title X).
 
The first reported Social Security payment was to Ernest Ackerman, who retired only one day after Social Security began. Five cents were withheld from his pay during that period, and he received a lump-sum payout of seventeen cents from Social Security.

The first monthly payment was issued on January 31, 1940 to Ida May Fuller of LudlowVermont. In 1937, 1938 and 1939 she paid a total of $24.75 into the Social Security System. Her first check was for $22.54. After her second check, Fuller already had received more than she contributed over the three-year period. She lived to be 100 and collected a total of $22,888.92.


In 1940, benefits paid totaled $35 million. These rose to $961 million in 1950, $11.2 billion in 1960, $31.9 billion in 1970, $120.5 billion in 1980, and $247.8 billion in 1990 (all figures in nominal dollars, not adjusted for inflation). In 2009, nearly 51 million Americans will receive $650 billion in Social Security benefits.


Read More

The social security answer book: practical answers to over 200 questions on social security

 
New Deal or raw deal?: how FDR's economic legacy has damaged America
 
Social security, medicare & government pensions 

 


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