Social Security Act
Social Security Act
The Social Security Act (pronunciation: /ˈsoʊʃəl ˈsɪkjʊrɪti ækt/) is a significant piece of legislation in the United States that was signed into law by President Franklin D. Roosevelt on August 14, 1935. The act was drafted during the Great Depression to provide benefits to retirees, the unemployed, and the disabled.
Etymology
The term "Social Security Act" is derived from the act's primary purpose, which is to provide a measure of security for the American public in the face of various social and economic risks.
Provisions of the Act
The Social Security Act established several social insurance and social welfare programs, including:
- Old-Age, Survivors, and Disability Insurance (OASDI)
- Unemployment Insurance
- Temporary Assistance for Needy Families (TANF)
- Health Insurance for Aged and Disabled (Medicare)
- Grants to States for Medical Assistance Programs (Medicaid)
Amendments and Related Legislation
The Social Security Act has been amended several times since its enactment. Notable amendments include the Social Security Amendments of 1939, which added survivors' benefits and benefits for the retiree's spouse and children, and the Social Security Amendments of 1965, which established Medicare and Medicaid.
Related legislation includes the Federal Insurance Contributions Act (FICA), which outlines the tax contributions required for Social Security and Medicare, and the Supplemental Security Income (SSI) program, which provides additional assistance to elderly, blind, or disabled individuals with little to no income.
Impact and Significance
The Social Security Act has had a profound impact on American society, providing a safety net for millions of people and shaping the country's approach to social welfare. It remains a cornerstone of the U.S. social insurance system.
External links
- Medical encyclopedia article on Social Security Act
- Wikipedia's article - Social Security Act
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