A mandatory (meaning all workers and employers must pay into it) program that uses public funds to provide a degree of financial security for retirees and disabled workers. Created in 1935 as a response to the devastating effects of the Great Depression, Social Security as we know it (there were earlier veteran benefit and retirement benefit programs) was part of FDR’s New Deal. It works by having current workers provide funds for current beneficiaries. Beneficiaries include retirees and individuals with disabilities. It also provides Aid to Families with Dependent Children, Maternal and Child Welfare, public health service and to the blind.
Read our articles regarding Social Security.
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