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14 of the New Deals Alphabet Agencies


11
SSA (Social Security Administration)

The original purpose of the SSA, which was established in August 1935 under the Social Security Act, was to administer a national pension fund for retired persons, an unemployment insurance system, and a public assistance program for dependent mothers, children, and the physically disabled. Today, it is the nation's most important and expensive domestic program, covering nearly 49 million Americans and accounting for about 20 percent of the federal budget. However, as the population ages, more and more funds will be needed to keep recipients above the ever-shifting poverty line. Many claim that if nothing is done to adjust social security benefits and taxes, the system will be unable to meet its financial obligations after the year 2040.