Government Social Security

No government program in the US or world is larger than the US's government Social Security program. This program has been in existence since 1935, and has been amended repeatedly every decade of its existence. The program currently keeps 40% of Americans over age 65 out of poverty. To do this, the federal government spends more money on social security than on any other program, with 20.8% of the federal budget going into social security. This money comes from dedicated payroll taxes, called FICA taxes (Federal Insurance Contributions Act), which all workers and employees pay of the course of their careers. The amount of benefits paid in 2004 alone almost totaled $550 billion. The four main benefits paid out are retirement, disability, survivorship, and death. It is currently the largest social insurance program in the US, accounting for 37% of government expenditures and 7% of the gross domestic product.

Fast Facts

  • The government operates around 1300 Social Security offices nationwide
  • Social Security headquarters are located in Woodlawn, Maryland

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Articles

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  • Social Security Introduction

    The Social Security Act and the Social Security Administration were created by President Roosevelt during the ...
    • Site: socialsecuritylawfirms.com
  • Qualifying and Filing for Social Security

    As part of its obligation, the government must ensure that its people are secured and contented. Hence, it imp...
  • Social Security Benefits

    In the United States, Social Security is a program that has the purpose to protect all Americans, serving as a...
    • Site: socialsecuritylawfirms.com
  • Disability Benefits-Social Security

    Not everyone has to consider living with disability benefits social security matters. While certain people are...
    • Site: socialsecuritylawfirms.com
  • Social Security Income

    You can receive Social Security benefits for several reasons.  Social Security benefits are available when you...
    • Site: socialsecuritylawfirms.com
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