Dylan Blanchard

Legal Environment of Business

12/2/2015

SOCIAL SECURITY
Social security is an organization that was founded when Franklin D to give benefits to
retired workers. In 1935 Roosevelt signed his name to the Social Security Act which gave the go
ahead to start The Social Security Board. The Social Security Administration was originally
known as Social Security Board. The new entity was given no staff, no budget, and no facilities.
The original personnel were donated from existing agencies, and a temporary budget was
obtained through Harry Hopkins, and an organization known as the Federal Emergency Relief
Administration. By 1940 the Board was able to give the regular monthly benefits that they
promised.
At first The Social Security act only offered aid to those who were retired, but now the
umbrella of financial help is very broad. Now they offer unemployment cash compensation if you
have become involuntarily unemployed. The Social Security act also has four programs that
promote the health and welfare of children. These programs offer grants-in-aid to states for
financial aid to dependent children, maternal and child health services, services for crippled
children, and child welfare services. One other benefit the SSA has given us is a grant of $8
million to broaden public health services.
What groups are affected by Social Security? Everyone who draws paychecks is
affected because a portion of your paycheck goes into social security. You may receive this
money if you retire, or if you become involuntarily unemployed. This program also greatly affects
parents or children who are in financial need, but have no way of being employed. This program
affects people who live with little financial protection by spreading risk across our entire
population instead of leaving it with people at greater risk for poverty. Social Security affects our
entire population because when we need it social security will be there for us.
The Social Security act is an act that was formed to give people who may not otherwise
have any financial support or power a glimmer of hope. For instance, people who are retired
have the opportunity to receive the money that they have been putting into social security once
they reach the eligible age of 62. A widow or child of a deceased worker is eligible to receive
compensation. If you have become a disabled worker you can also receive social security
benefits.
Social Security has a great impact on many families in the United States of America.
Social Security has many great benefits to it. If a high school student were to have a devastating
loss of both his parents he or she is covered. They will receive benefits from Social Security as
long as they both were actively in the labor force or retired. Will money make him or her forget
about their loss? Certainly not, but it sure is nice to know he will not have to go to bed hungry or
lose the house due to their parents passing.

Dylan Blanchard

Legal Environment of Business

12/2/2015