Social Security Act of 1935
Social Security Act of 1935 established old age insurance for much of the over 60 population. Half of the funds are provided by a payroll tax on workers and half is paid by employers. The act also provided federal unemployment insurance, welfare aid to low-income mothers (later amended to families), funding for individual state assistance to elderly individuals, and various other social insurance provisions.
Cry Wolf Quotes
There is every probability that the cash they pay in will be used for current deficits and new extravagances. We are going to have trouble enough to carry out an economy program without having the Treasury flush with money drawn from the workers…
If the provisions of the bill now pending should be adopted, the country should realize that within a decade there will be a tax burden amounting to as much as $1 billion.
The Senate Finance Committee stands between us and stands between businesses that are almost prostrate, stands between us and destruction, and we feel that we can come to you for support and for protection. You will have no taxes to pay anything with if you do not keep American industry alive, and we have a right to depend on you gentlemen to do it, no matter what propositions, impractical propositions, are brought up.
Business and industry are already operating under heavy burdens: and that old –age insurance would cause more unemployment.
