 Social Security or the Social Security Act passed in 1935 is federal Old-Age, Survivors, and Disability Insurance or the OASDI program.
These are some of the programs that the Social Security Act covers.
- Grants to States for Medical Assistance Programs (Medicaid)
- Supplemental Security Income (SSI)
- Temporary Assistance for Needy Families
- Health Insurance for Aged and Disabled Medicare
- State Children's Health Insurance Program (SCHIP)
- Unemployment benefits.
- Patient Protection and Affordable Care Act
- Federal Old-Age -Retirement, Survivors, and Disability Insurance.
Social Security is
a social insurance program that gets it's funding from Federal Insurance Contributions Act tax (FICA) payroll taxes.
Tax deposits
go through the Federal Disability Insurance Trust Fund - Federal Old-Age and Survivors Insurance Trust Fund and the Federal Hospital Insurance Trust Fund or the Federal Supplementary Medical Insurance Trust Fund.
The US Social Security
is the largest government program in the world as far as budget.
54 million
people were getting benefits in 2010 while 157 million were paying into it.
56 million
people were getting benefits in 2011 while 158 million were paying into it.
If you extrapolate
those figures you can see things aren't going to get any better.
This answers the question "What is Social Security?" |
Social-Security.biz