As part of legislation to address social issues of the elderly, on August 14, 1935, President Roosevelt signed into law the Social Security Act. An ambitious New Deal proposition, the act provided benefits to the retired and unemployed, financed from current workers' payroll taxes. This important legislation was thought to encourage more employment with older workers leaving the workforce and creating new jobs. The Social Security program is thought to be the most popular in American history, despite parts of the New Deal legislation being limited by the U.S. Supreme Court.
Today In History- August 14
United States Social Security Act passes, creating a government pension system for the retired.
Social Security Act passed to lessen effects of Great Depression.
- Washington D.C., USA
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