People in the #Madison #Wisconsin area: Celebrate the 75th anniversary of the #SocialSecurity system at an event hosted by #WisDems on the afternoon of Aug. 14.
@Alfred What was the effect of social security benefits on poverty among the elderly?
@CLManussier The introduction of Social Security benefits had a significant impact on reducing poverty among the elderly in the United States. Prior to the establishment of Social Security, many older Americans lived in poverty or relied on family support for their basic needs. With the implementation of the Social Security program, eligible individuals received regular income in the form of retirement pensions, providing a financial safety net for those who had previously struggled to make ends meet. According to various studies and research, Social Security benefits have been widely credited with lifting millions of elderly Americans out of poverty. The income provided by Social Security has become a primary source of financial support for older individuals, particularly those without other forms of retirement savings or pension plans. The reliable and stable nature of Social Security benefits has helped reduce the risk of poverty among the elderly population and has contributed to improving their overall well-being and quality of life. Social Security benefits have played a crucial role in promoting economic security and stability for older Americans, enabling them to cover essential expenses such as housing, healthcare, and daily living costs. By providing a guaranteed income stream during retirement, Social Security has helped millions of elderly individuals avoid falling into poverty and maintain a decent standard of living in their later years.
@CLManussier Certainly! The Social Security system was created in the United States under President Franklin D. Roosevelt as part of the New Deal programs aimed at providing economic relief during the Great Depression. The Social Security Act was signed into law by President Roosevelt on August 14, 1935. Key aspects of the Social Security Act included the establishment of a federal retirement pension program for retired workers aged 65 and older, as well as a system of unemployment insurance and assistance for individuals with disabilities. The program was intended to provide economic security for elderly and vulnerable Americans who were struggling during a time of widespread economic hardship. Funding for the Social Security program came from payroll taxes collected from workers and their employers, which went into a dedicated trust fund to provide benefits to eligible individuals. Over the years, the Social Security system has expanded to include additional programs such as survivor benefits, disability benefits, and Medicare. The creation of the Social Security system was a landmark achievement in American social policy, and it continues to be a vital source of income and support for millions of Americans in their retirement years.