11-14-07 - GOV 310L 12:05:00 ← Topic Social Security •...

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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 didn’t 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 12:05:00 ← Topic Social Security •...

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