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President Franklin D. Roosevelt signed into law the Social Security Act on Aug. 14, 1935. The law guaranteed an income for the unemployed and retirees. Roosevelt had taken the helm of the country in 1932 in the midst of the Great Depression. The Social Security Act was in keeping with his other “New Deal” programs including the Works Progress Administration and the Civilian Conservation Corps, which both attempted to hoist America out of the Great Depression by putting Americans back to work. In his public statement that day, FDR expressed concern for “young people [who] have come to wonder what would be their lot when they came to old age” as well as those who had employment but no job security. Although he acknowledged that “we can never insure 100% of the population against 100% of the hazards and vicissitudes of life,” he hoped the act would prevent senior citizens from ending up impoverished. Although it was initially created to combat unemployment, Social Security now functions primarily as a safety net for retirees and the disabled, and provides death benefits to taxpayer dependents. The Social Security system has remained relatively unchanged since 1935.
(History.com)
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