Social Security And The Great Depression
Social Security and the Great Depression The Great Depression was a period during American history which featured the largest economic crisis the nation has seen to date. A combination of a massive stock-market crash and failure of the people to invest in government programs left many working ‘paycheck to paycheck’ so to speak, and even more completely unemployed. Banks began to fail, as more and more workers became unemployed, leading the country to a traumatic time of poverty. The Social Security program was arguably the largest leading factor in guiding the Country out of ruin. Passed in 1935 by Franklin D. Roosevelt, this act helped many unemployed Americans to receive financial security and assistance, as well as citizens of an older
age who were no longer capable of holding a regular job, introducing the idea of retirement prior to a literal inability to work. During the great depression, Social security particularly touched on two issues- that of immediate unemployment, and that of financial security for those nearing retirement. As far as unemployment, the program worked to help those who were unable to locate a job to still have access to the necessary aspects of living by securing their money. Effectively helping many who were previously starving to receive the basic necessities, it helped to lift nearly 15 million workers back onto their feet. As for financial security for the elder members of the nation, the program catered to them as well- helping many who were simply too feeble or otherwise unable to work to plan for and secure their money for the future, allowing them to comfortably retire without the fear of their money losing value. Today, Social Security is still very much relevant for the same reasons. The value of paper money can sometimes make unpredictable, if not small changes- however, with Social Security in place, it is ensured that it does not suddenly face a dramatic decrease in value, leaving those who have worked for years with nearly nothing. With senior citizens and retirement as well, Social Security helps to ensure that nobody who has worked effectively during their lives to build a retirement fund is suddenly without that money, and unable to continue working to replenish their bank account. It provides a sort of cushion for those who might be struggling to make ends meet, making a much more forgiving economy.
age who were no longer capable of holding a regular job, introducing the idea of retirement prior to a literal inability to work. During the great depression, Social security particularly touched on two issues- that of immediate unemployment, and that of financial security for those nearing retirement. As far as unemployment, the program worked to help those who were unable to locate a job to still have access to the necessary aspects of living by securing their money. Effectively helping many who were previously starving to receive the basic necessities, it helped to lift nearly 15 million workers back onto their feet. As for financial security for the elder members of the nation, the program catered to them as well- helping many who were simply too feeble or otherwise unable to work to plan for and secure their money for the future, allowing them to comfortably retire without the fear of their money losing value. Today, Social Security is still very much relevant for the same reasons. The value of paper money can sometimes make unpredictable, if not small changes- however, with Social Security in place, it is ensured that it does not suddenly face a dramatic decrease in value, leaving those who have worked for years with nearly nothing. With senior citizens and retirement as well, Social Security helps to ensure that nobody who has worked effectively during their lives to build a retirement fund is suddenly without that money, and unable to continue working to replenish their bank account. It provides a sort of cushion for those who might be struggling to make ends meet, making a much more forgiving economy.