Final answer:
The statement in question is false; the Social Security Act was signed into law by President Franklin D. Roosevelt in 1935, not 1960. It established an insurance program for several groups, including the elderly, and was a key part of Roosevelt's New Deal, aimed at providing a minimum level of security for retirees and others in need.
Step-by-step explanation:
The statement that President Franklin D. Roosevelt signed the Social Security Act into law in 1960 is false. The Social Security Act was signed into law by President Roosevelt on August 14, 1935. This legislation created a government insurance program for the elderly, the temporarily unemployed, and the permanently disabled, with the intention to provide financial security and serve as a foundation for individual retirement funds.
The initial benefits, which were set to begin in 1940, were financed by a special fund that drew money from taxes paid both by employers and workers.
Moreover, the Social Security Act was a cornerstone of Roosevelt's New Deal, which addressed the challenges of the Great Depression, including the plight of the elderly who had lost their savings. The system was established to support the elderly with a government pension, assist widows and their children, and create job opportunities for younger workers.
While the Social Security program was groundbreaking, it did not include agricultural and domestic workers at its inception, leaving out many women and African Americans in its early years.