SOCIAL SECURITY (Test3)

When was Social Security enacted?

1935 in the midst of the Great Depression

What is the rate of Social Security?

6.2%

How is Social Security funded?

A payroll tax on employees and employers under the Federal Insurance Contributions Act (FICA)

Old Age, Survivors, and Disability Insurance?

OASDI (Social Security)

What do American Surveys show in terms of the numbers of Americans relying on Social Security for their retirement?

One third of Americans depend on Social Security for more than 90% of their retirement income, while another one third say they depend on it for 50% of their retirement income

(FICA) What is the criticism?

Ratio of workers to recipients, salaries to money going out

Whom does Social Security cover?

Survivors, those with disabilities, almost all employed americans (besides employees of state and local governments that have SS-like programs of their own)

What has been the influence of the partisan divide in Congress on the issue of social security?

The deep partisan divide makes change difficult

Who were the Social Security rates applied to?

Those who are currently working

How are the criticisms overcome from the reading in Jillson

Workers have their own programs