Social security is the term used for economic support provided to people with no or little income by the government. Deprivation and vulnerability are major issues in most countries. Economic decline in developed countries means hardships, but in underdeveloped countries, it leads to more severe outcomes. In the past, many countries used the method of social security and used various measures to secure the livelihood of the common people and as a force against vulnerability if any economic crisis occurs. The term has been a measure of financial success for most countries in the past few years. The social security benefits though are aimed to support the older adults it also is conservative in its some aspects.
President Roosevelt signed the social security act in 1935, and it was aimed to provide income to retirees over the age of 65 after their job tenure is expired. The Act was thought to address the age-old problems of senior retirees who had no source of income left after their retirement from the job. This security provided them support in disability coverage and medical benefits. In addition to elderly support, the solution to the unemployment problem, and support of poor children were part of the social security program.
The social security program was dominant and bold for its purpose of providing benefits to older adults, unemployed and poor children. The act that was initially focused on old age citizens, after the addition of amendments provided benefits to unemployed and dependent children too.
What was conservative about the program were its implications and eligibility criteria in which employees had to work at least ten years before they are eligible for social security benefits. Also, the amount that was given to the elders was way less than their average annual pay. The philosophy behind the Act should be government participation and support of the people but most of the retirees either do not qualify for the benefits or they receive very low benefits that are equivalent to minimum wage worker benefits.
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Saunders, Peter. “Improving Work Incentives in a Means‐Tested Welfare System: The 1994 Australian Social Security Reforms.” Fiscal Studies 16.2 (1995): 45-70.