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American Econimics


            
             Most of the problems of the United states are related .
             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 .
             the system. .
             Social security is a government program that helps workers and retired .
             workers and their families achieve a degree of economic security. Social .
             security also called social insurance (Robertson p. 33), provides cash .
             payments to help replace income lost as a result of retirement, .
             unemployment, disability, or death. The program also helps pay the cost .
             of medical care for people age 65 or older and for some disabled .
             workers. About one-sixth of the people in the United States receive .
             social security benefits. .
             People become eligible to receive benefits by working in a certain .
             period in a job covered by social security. Employers and workers finance the program through payroll taxes. .
             Participation in the social security system is required for about 95 .
             percent of all U.S. workers. .
             Social security differs from public assistance. Social security pays .
             benefits to individuals, and their families, largely on the basis of .


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