Final answer:
The Social Security Act of 1935 established old-age pensions, unemployment insurance, and aid for impoverished families, providing financial security to the elderly, unemployed, and disabled Americans.
Step-by-step explanation:
The Social Security Act of 1935
The Social Security Act of 1935 was a monumental piece of legislation passed during the Great Depression as part of the New Deal. It aimed to provide financial security to various groups in American society, particularly during times of economic hardship. The Act established several programs, including:
- Old-age pensions for retired workers and their dependents, which were financed through taxes on employees and employers.
- Unemployment insurance, supported by federal grants matching state funds.
- Aid to families with dependent children, designed to help impoverished families.
The Act provided essential public assistance for different groups, namely the elderly, unemployed, people with disabilities, and children from impoverished families. It laid the foundation for what would eventually become a more extensive social security system, incorporating programs like Medicare and Medicaid in later years.