Final answer:
The Social Security Board under the 1935 Social Security Act was responsible for administering old-age pensions, unemployment insurance, workers' compensation, and aid for impoverished families. It aimed to provide a foundational level of financial security for the elderly, disabled, unemployed, and children in poverty, establishing a safety net during the Great Depression.
Step-by-step explanation:
Responsibilities Under the Social Security Act of 1935:
Under the Social Security Act of 1935, the Social Security Board was responsible for overseeing a program designed to provide financial security and aid to specific groups of Americans affected by economic hardship. The act established the foundation for the modern social safety net, creating old-age pensions for certain retired workers and their dependents, which were funded through taxes paid by both employers and employees. It was a critical component of President Franklin D. Roosevelt's New Deal, directly addressing the needs of elderly citizens, many of whom were severely impacted by the Great Depression and had lost the ability to support themselves. Additionally, the act played a pivotal role in providing matching federal grants for states to establish unemployment insurance, compensation for injured workers, and direct financial aid to impoverished families with children.
The old-age pension program within the act intended to complement individual retirement plans rather than serve as the sole source of income. It also came with its limitations, notably excluding agricultural and domestic workers from its initial coverage—thus leaving out a significant portion of the minority population at the time. The initiation of such social programs marked the start of the United States' commitment to maintaining a social safety net for its most vulnerable citizens, helping to reduce poverty among the elderly and others.