Social Security Act of 1935 – 80th Anniversary

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In the United States, Social Security is primarily the Old-Age, Survivors, and Disability Insurance (OASDI) federal program. The original Social Security Act (1935) and the current version of the Act, as amended, encompass several social welfare and social insurance programs. Social Security is funded through payroll taxes called Federal Insurance Contributions Act tax (FICA) and/or Self Employed Contributions Act Tax (SECA). Tax deposits are collected by the Internal Revenue Service (IRS) and are formally entrusted to the Federal Old-Age and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund, the Federal Hospital Insurance Trust Fund, or the Federal Supplementary Medical Insurance Trust Fund which make up the Social Security Trust Funds. With a few exceptions, all salaried income, up to a specifically determined amount by law (see tax rate table below) has an FICA and/or SECA tax collected on it.

For more: http://en.wikipedia.org/wiki/Social_Security_(United_States)

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The Obama Administration’s Agenda on Seniors & Social Security

“To put us on solid ground, we should also find a bipartisan solution to strengthen Social Security for future generations. We must do it without putting at risk current retirees, the most vulnerable, or people with disabilities; without slashing benefits for future generations; and without subjecting Americans’ guaranteed retirement income to the whims of the stock market.”

-PRESIDENT BARACK OBAMA IN THE STATE OF THE UNION ADDRESS, JANUARY 25, 2011
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Social Security Timeline: http://www.ssa.gov/history/1930.html

Learn more about Social Security: http://www.socialsecurity.gov/

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10 thoughts on “Social Security Act of 1935 – 80th Anniversary

  1. WH

    Thursday, August 13, 2015

    All Times Eastern

    President Obama receives the presidential daily briefing
    Chilmark, Massachusetts

    Vice President Biden and Dr Jill Biden vacation
    Kiawah Island, S.C

    7:00 AM
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    • Social Security Act of 1935

      In the United States, Social Security is primarily the Old-Age, Survivors, and Disability Insurance (OASDI) federal program. The original Social Security Act (1935) and the current version of the Act, as amended, encompass several social welfare and social insurance programs. Social Security is funded through payroll taxes called Federal Insurance Contributions Act tax (FICA) and/or Self Employed Contributions Act Tax (SECA). Tax deposits are collected by the Internal Revenue Service (IRS) and are formally entrusted to the Federal Old-Age and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund, the Federal Hospital Insurance Trust Fund, or the Federal Supplementary Medical Insurance Trust Fund which make up the Social Security Trust Funds. With a few exceptions, all salaried income, up to a specifically determined amount by law (see tax rate table below) has an FICA and/or SECA tax collected on it.

      For more: http://en.wikipedia.org/wiki/Social_Security_(United_States)

    • 2016 Democratic Presidential Candidates on Social Security

      Lincoln Chafee “partial privatization of Social Security”

      Hillary Rodham Clinton “Privatization off the table; but maybe payroll cap increase”

      Martin O’Malley “expand Social Security”

      Bernie Sanders ” We must strengthen the social safety net, not weaken it. ”

      Jim Webb “Opposes using Social Security taxes for private accounts.”

      Source: http://www.ontheissues.org/Social_Security.htm

      • GOP WRONG WAY

        The 80-Year Conservative War On Social Security Is Back For More

        JANUARY 14, 2015 DYLAN SCOTT – tpm

        A new battle is brewing over Social Security in 114th Congress. The House passed a rule last week that critics say could hasten a crisis on the disability side of the program in late 2016, allowing Republicans to use the looming threat of benefit cuts as leverage in negotiations. New Senate Majority Leader Mitch McConnell (R-KY) has hinted at his hopes for a grand bargain on entitlements, and House Budget Chair Tom Price (R-GA) signaled Monday that he too had big ambitions for Social Security reform.

        Social Security, in more ways than one the mother of all U.S. entitlement programs, has been the dragon that conservatives have succeeded in slashing, but never slaying, over its 80-year history. Their opposition has morphed from outright ideological grounds as the program was being debated during the New Deal era to a campaign masked in careful rhetoric once Social Security became virtually untouchable as a political animal.

        Republicans know they have a new opportunity with the disability trust fund and a leverage point that comes along once every 20 years, and they’re seizing it. Price floated some favorite proposals like means-testing, increasing the eligibility age, and individual accounts (otherwise known as privatization). He described it as the GOP’s effort to “normalize the discussion and debate about Social Security.”

        Democrats have certainly undertaken and signed onto changes to Social Security opposed by its staunchest supporters. But the program has never been perceived by the left as an existential threat the way it has been by many on the right. To understand where conservatives are now, you have to understand how they got there. The following is derived in large part from “The Battle for Social Security,” authored by Social Security Works’s co-director Nancy Altman, and TPM’s own consultations with other experts on the program.

        For more: http://talkingpointsmemo.com/dc/conservative-war-on-social-security-history

  2. Jobless Claims in U.S. Holding Just Above a Four-Decade Low

    August 13, 2015 bloomberg

    Applications for unemployment benefits in the U.S. are hovering close to a four-decade low, a sign of muted firings and steady progress in the labor market.

    Jobless claims rose by 5,000 to 274,000 in the week ended Aug. 8, from a revised 269,000 in the prior period, a report from the Labor Department showed Thursday. The four-week moving average, a less-volatile measure of job cuts, declined to the lowest level in more than 15 years.

    Limited staffing reductions indicate employers are content with headcounts as U.S. demand holds up against weaker global markets. Another report Thursday showed retail sales climbed in July as hiring keeps consumers spending and the economy growing.

    “We haven’t seen claims at a 300,000 level since February and the economy has shown a lot of signs of improvement since then, ignoring what’s going on beyond the borders,” Jennifer Lee, a senior economist at BMO Capital Markets in Toronto, said before the report.

    For more: http://www.bloomberg.com/news/articles/2015-08-13/jobless-claims-in-u-s-holding-just-above-a-four-decade-low

  3. Retail Sales Show Broad Gain as U.S. Consumers Spur Growth

    August 13, 2015 Sho Chandra – bloomberg

    Sales at U.S. retailers rose in July on growing demand for everything from cars to clothing, and a decline the previous month was wiped away, signaling consumers are propelling growth in the world’s largest economy.
    The 0.6 percent advance matched the median forecast of economists surveyed by Bloomberg and followed little change in June that was previously reported as a 0.3 percent drop, a Commerce Department report showed Thursday in Washington. Eleven of 13 major categories showed gains.

    Rising employment, stronger finances and still-cheap fuel is helping draw consumers into stores and auto dealerships. Growth in household spending, which accounts for about 70 percent of the economy, is bolstering the expansion as Federal Reserve policy makers move toward lifting interest rates this year for the first time since 2006.

    “The consumer-driven recovery of the economy continues on track,” said Harm Bandholz, chief U.S. economist at UniCredit Group in New York, who correctly projected the gain. “The fundamentals are all in place for solid consumer spending. The outlook remains strong for the second half of the year.”

    For more: http://www.bloomberg.com/news/articles/2015-08-13/retail-sales-show-broad-based-gain-as-u-s-consumers-spur-growth

  4. August 8-23 The First Family vacations

    Martha’s Vineyard, Chilmark, Massachusetts

    The Obama beat: the President and family land on Martha’s Vineyard

    Aug 7, 2015 The Obama Beat by The Martha’s Vineyard Times

    Daily reports here on President Obama’s Martha’s Vineyard vacation.

    At 6:25 pm on Friday, President Obama and his family landed on Martha’s Vineyard in Marine One, and officially began their two-week Island vacation.

    POTUS, as the president is known among the press, left Andrews Air Force before 5 pm today, headed for Otis Air Force Base on Cape Cod. President Obama, dressed in a dark suit, traveled with his wife, First Lady (FLOTUS) Michelle Obama, their daughter Sasha, Susan Rice and Valerie Jarrett.

    White House pets Bo and Sunny were already on the plane when the White House pool reporter watched the family leave Washington, D.C.

    At shortly after 6 pm, the first family boarded Marine One at Otis, bound for Martha’s Vineyard Airport.

    If past Martha’s Vineyard vacations (and there have been six) are any indicator, the Commander-in-Chief will golf, do some bicycling, golf some more, and eat at some favorite Island restaurants.

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    From a White House official, President Obama’s summer reading list:

    All That Is by James Salter
    All The Light We Cannot See by Anthony Doerr
    The Sixth Extinction by Elizabeth Kolbert
    The Lowland by Jhumpa Lahiri
    Between The World and Me by Ta-Nehisi Coates
    Washington: A Life by Ron Chernow

  5. *******************
    THIS POST IS NOW CLOSED NBLB

    Come on over to my newest post titled: ”End of WWII – 70th Anniversary″

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