August 14, 1935: Social Security Act Signed into Law
On this day in 1935, President Franklin D. Roosevelt signed the Social Security Act, which was originally designed to provide economic security during the Great Depression.
Funded through a 2% payroll tax, the 1935 Social Security Act offered aid for the unemployed, the elderly, children and various state health and welfare programs.
Today, Social Security remains an important topic in the discourse of health and politics. Read PBS NewsHour’s recent article, “34 Social Security Secrets You Need to Know Now.”
Photo: ”Unemployed insured workers registering for jobs and filing benefit claims at a State employment office,” National Archives and Records Administration.