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PS 374 (October 29 2009) Social Security 1 Who should be responsible for pensions for old people?
A. Personal Responsibility of the individual Mix government and individual Social society should make arrangements to make sure that everyone has an adequate retirement income
Social Security 2 A. A. PS 374 (October 29 2009) Are you saving for retirement currently?
A. Yes... individual retirement savings No... not saving money personally at this time... A. PS 374 (October 29 2009) Social Security 3 The History of Social Security June 8, 1934 President Franklin D. Roosevelt gives speech January 17, 1935: Legislation is proposed August 14, 1935: Legislation is passed S.C. and six others states take more than two years to adopt legislation to participate in system PS 374 (October 29 2009) Social Security 4 Social Security Programs Title I "Old Age Assistance" The draft proposed that states should be required to provide "a subsistence compatible with decency and health"; in response to criticism, states are allowed to define their own standards Payasyougo financing, paid for by equal shares from employer and employees but viewed as an "earned right" Initially excludes farmers, domestic servants and government employees about 9.4 million employees A minimum benefit but this was not tied to any "standard" of living... Title II "O.A.S.D.I." PS 374 (October 29 2009) Social Security 5 Social Security Programs Title III and IX "Unemployment Insurance" Title IV A.F.D.C., "Aid to Families with Dependent Children" ... originally aimed at Widows and Orphans Title X Aid to the Blind PS 374 (October 29 2009) Social Security 6 Extend coverage to seamen and bank and loanassociation employees Begin paying benefits in 1940 (not 1942) Now it's the OASI Trust Fund Contributions are "insurance contributions" ? Are the...
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This note was uploaded on 06/22/2011 for the course POLI 374 taught by Professor Tompkins during the Fall '09 term at South Carolina.
- Fall '09