History Of The Social Security Program :: American History

In 1935, after bank failures and a stock market sink had wiped out the savings of millions of Americans, the nation turned to their president to guarantee the ancient a decent income. In those days, only a handful of workers had admission fee to pensions from their employers or through State g everywherenmental pension syllabuss. Over half of Americas elderly lacked sufficient income to be self-supporting. The amicable certificate Act was enacted at the urging of President Franklin D. Roosevelt to create a social insurance class that ensures workers would have a source of income after they retired. In the decades that have followed, Social hostage has become one of the federal governments most popular and prerequisite programs. Despite all our efforts to encourage savings and investment, the private privacy photo has not changed much in recent decades. Even today, barely half of all workers have access to retirement plans at work, and millions reach retirement age withou t enough private savings to provide an adequate subsisting in retirement. Social Security is still the foundation for most seniors retirement. Without this scathing safety-net program, over half of all older Americans would fall into poverty. Social Security does exactly what it was designed to do. It gives retired mickle a secure, basic income for as extensive as they live. At the end of 2005, more than 48 million people were receiving Social Security benefits 33 million retired workers and their dependents, 7 million survivors of dead soul workers, and 8 million disabled workers and their families. Over time, the Democratic Party has enforced changes to the Social Security program in order to adjust to ever-changing times. In 1965, President Lyndon B. Johnson proposed and later signed the legislation to create Medicare. The Medicare program was added to provide universal, affordable health care benefits to retirees. Medicare is the largest health insurance program in th e United States. At the end of 1966, Medicare served approximately 3.9 million individuals. As of 2003, it serves about 41 million people. There are 5.6 million Medicare beneficiaries enrolled in managed care programs. Medicare is an entitlement program similar to Social Security and is not found on financial need. Medicare benefits are available to all American citizens over the age of 65 because they or their spouses have paid Social Security taxes through their working years. Since Medicare is a federal program, the rules for eligibility remain constant end-to-end the nation and coverage remains continuous regardless of where an individual receives intervention in the United States.