American Econimics

to the economy. One of the major issues facing the country

The United States was one of the last major

industrialized nations to establish a social security

system. In 1911, Wisconsin passed the first state workers

compensation law to be held constitutional. At that time,

most Americans believed the government should not have to

care for the aged, disabled or needy. But such attitudes

changed during the Great Depression in the 1930's.

In 1935, Congress passed the Social Security Act. This

law became the basis of the U.S. social insurance system.

It provided cash benefits to only retired workers in

commerce or industry. In 1939, Congress amended the act to

benefit and dependent children of retired workers and widows

and children of deceased workers . In 1950, the

act began to cover many farm and domestic workers, non

professional self employed workers, and many state and

municipal employees. Coverage became nearly universal in

1956, when lawyers and other professional workers came under

Social security is a government program that helps workers and retired

have to worry about financial failure. Government bonds are considered

private programs, that was never its intent. The social security

not only the elderly, but many of the survivers, the widows and children, of

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