Social Security: A Brief History



In the postwar era of the United States, during a time of economic downfall, set in the 'Great Depression', most Americans throughout the United States were struggling to get jobs, raise their children, and even put food on their own table. Bread lines were forming, America was truly facing difficulties. For years, congress sat back and watched, they tried several things to try and help the American people recover, however nothing quite helped. In the 1930's President Franklin Delano Roosevelt went to great lengths to pass several bills and reform acts, however, nothing effected America at the time, and for years to come, as the Social Security Act of 1935.
Shortly after the 74th Congress ...

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On August 14, 1935 President Roosevelt signed the bill into law at a ceremony in the White House Cabinet Room.
From 1937 until 1940, Social Security paid benefits in the form of a single, lump-sum payment. The purpose of these one-time payments was to provide some "payback" to those people who contributed to the program but would not participate long enough to be vested for monthly benefits. Under the 1935 law, monthly benefits were to begin in 1942, with the period 1937-1942 used both to build up the Trust Funds and to provide a minimum period for participation in order to qualify for monthly benefits. The earliest reported applicant for a lump-sum benefit was a retired Cleveland motorman named Ernest Ackerman, who retired one day after the Social Security program began. During his one day of participation in the program, a nickel was withheld from Mr. Ackerman's pay for Social Security, and, upon retiring, he received a lump-sum payment of 17 cents. The average payment during ...

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PAPER DETAILS
Added: 6/30/2004 07:49:56 AM
Category: Government
Type: Premium Paper
Words: 1006
Pages: 4

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