Doc of the Day: Social Security Act
August 14th, 2008 • Related • Filed Under
On August 14, 1935, President Franklin D. Roosevelt signed the Social Security Act into law. The act created a unique system financed by employer and employee contributions instead of government payments. The Social Security Act provided the first public social safety net for Americans. Whereas old age or unemployment once guaranteed a life of poverty, Social Security afforded a minimum level of income for unemployed and retired workers.
