11-14-07 - GOV 310L 14/11/2007 12:05:00 Topic: Social...

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Unformatted text preview: GOV 310L 14/11/2007 12:05:00 Topic: Social Security Origins and development How Social Security works Political popularity Trouble on the horizon Origins: 1930s Great Depression: poverty among the elderly was especially bad Demands by the Townsend Movement and others o Townsend was a doctor in California was the brain behind the Townsend Movement and alough his plan to give all the senior citizens $24 didnt fly, this caused the reps in the national congress to wake up and try to do some sort of social program. A committee recommended and Congress adopted a social insurance program that went beyond various emergency programs o the main objective was to establish something long lasting and permanent. It wanted to provide economics security for all but the main people were the elderly Limited Early Cost: Why? limited coverage o it only covered certain people and jobs (typically excluded African Americans in the south) early beneficiaries had paid in for a limited number of years less generous benefits levels low life expectancy o in 1940, if a man live to 65 he would probably live to 77 but today he would probably live to 82 by 2003: 47 million recipients (29 million retirees) received $475 billion in benefits Major Expansions 1965: creation of Medicare o...
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11-14-07 - GOV 310L 14/11/2007 12:05:00 Topic: Social...

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