Final answer:
The Social Security Act created during the Great Depression provides financial assistance to the elderly, unemployed, disabled, and children through payroll taxes. It includes a pension for retirees over sixty-five, unemployment insurance, and programs for vulnerable groups, though it originally excluded domestic workers and farmers.
Step-by-step explanation:
The Social Security Act, established during the Great Depression as part of President Franklin D. Roosevelt's New Deal, was designed to provide financial assistance to several groups in need. Funded by payroll taxes, this act primarily aimed to support the elderly, unemployed, disabled, and children. Specifically, it set up a pension fund for retirees over the age of sixty-five, with both employees and employers contributing through payroll taxes. Moreover, it included unemployment insurance financed by a tax on employers, and also offered programs for single mothers and those who were blind or living with disabilities, thereby constructing a social safety net for vulnerable populations. However, it's important to note that certain workers, such as domestic workers and farmers, were initially excluded, leaving many women and African Americans without these benefits.