Today in History

August 14, 1935

Social Security Act

On August 14, 1935, President Roosevelt signed the Social Security Act to provide a government pension system for the retired. The program is funded with payroll taxes known as Federal Insurance Contributions Act (FICA). Outside of the spending for the U.S. military, the Social Security system is the single largest government program in the world and the single greatest expense in the federal budget of the United States.

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