Social security: the early years

Introduction: opposition to SS

Depression

1.  prior to 1930, 

2.  

3.

4.

5.

6.

Birth of Social Security

June 8, 1934

FDR charged Congress to: "______ ___ _______ _______"

greater focus on _________ than ______

1-17-35, FDR submits ________ as top priority

signed into law on 8-14-35

Dr. Francis E. Townsend:

Savior of the elderly?

$___ per month per over-60, must be spent

financed by "__________ ____"

Who pays?

Half ________, half _______

tax incidence

Why?

Basic Features

Title I was assistance (Welfare), administered on state level

Title II was insurance: funded by 1% wage by ee, matched by er.

American style: 

Minimize _______

Title III: unemployment compensation, administered by states

Title IV: aid to dependent children

Title X: relief to the blind

Title V: crippled children, medical research

Re-Vision

Benefits not scheduled to begin until 

1937: great public concern that 

1939 amendments

emphasis on "______" rather than "_____"

benefits payable in 

benefits =f(average (not total) earnings) = increased benefit level

benefits payable even if some earnings (<$15 per month)

_______ benefits!

_____________ transfers and __legged stool.

wife receives 

Will benefits be there?

nature of the problem

what are the ?

what are the ?

1983 reforms

increased _____

some benefits _____

include _____

________ borrowing

so, will benefits be there for you?

Reform proposals

Decrease benefits

raise age

tax benefits

Raise revenues

no cap on taxes

raise rates

invest at market rate