aug 14, 1935 - Social Security Act

Description:

On August 14, 1935, the Social Security Act was signed into law by president Franklin D. Roosevelt. The act created created Social Security, a federal safety net for elderly, unemployed and disadvantaged Americans. The main stipulation of the original Social Security Act was to pay financial benefits to retirees over age 65 based on lifetime payroll tax contributions. The Act also established the Social Security Board, which later became the Social Security Administration, to structure the Social Security Act and figure out the logistics of implementing it. This was the beginning of the modern welfare system in the United States.

Added to timeline:

Date: