SAVING SOCIAL SECURITY

The concept of Social Security can be traced back to early forms of community-based insurance and support systems, but it was formalized in its modern iteration during the 20th century. One of the most significant milestones occurred in the United States in 1935, with the Social Security Act signed into law by President Franklin D. Roosevelt. This landmark legislation was part of the New Deal and introduced a federal program designed to provide financial assistance to retirees, the unemployed, and people with disabilities, as well as support for dependent children.The program emerged during the Great Depression, a period when millions of Americans faced economic hardship and joblessness. The Social Security Act was crafted to address the vulnerabilities of aging citizens who had no savings or income and to act as a safety net for those unable to work. Over time, the scope of Social Security expanded, encompassing Medicare in 1965 to provide health insurance for older Americans and other supplemental programs to assist low-income individuals and families.Globally, many nations have adopted their own versions of Social Security systems, tailored to their socio-economic contexts. These programs share common principles of income redistribution and social welfare, providing a safety net for citizens in times of need.Today, Social Security remains a cornerstone of social policy, though it continues to face challenges, including demographic shifts with aging populations, economic sustainability, and evolving workforce dynamics.