Question

Elaborate How are Social Security and the FDIC still important today?

a. They provide financial support to retired individuals.
b. They ensure the safety of individuals' bank deposits.
c. They contribute to the economic stability of the nation.
d. They regulate the stock market.

Answer 1

The FDIC insures individual bank deposits up to $250,000, preventing bank runs and ensuring confidence in the banking system, while Social Security offers financial support for retirees and other vulnerable populations, contributing to national economic stability.

Step-by-step explanation:

Social Security and the Federal Deposit Insurance Corporation (FDIC) play crucial roles in maintaining the economic stability of the United States. The FDIC safeguards individuals' bank deposits by insuring up to $250,000 per depositor, thus preventing bank runs and restoring trust in the banking system. On the other hand, Social Security provides a financial safety net for retired individuals, the disabled, and families, ensuring that they receive monetary support. Both institutions together contribute to the economic well-being and resilience of the nation.