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How are SS and the FDIC still important today?

1 Answer

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Final answer:

The FDIC and SS are important because they protect depositors' funds and provide financial assistance to individuals.

Step-by-step explanation:

The FDIC (Federal Deposit Insurance Corporation) and SS (Social Security) are still important today because they provide crucial protections and benefits for individuals and the economy.

The FDIC ensures that bank depositors are protected even in the event of a bank failure, guaranteeing up to $250,000 of their money in each account.

This gives people confidence in the banking system and prevents bank runs, contributing to financial stability.

Social Security provides financial assistance to retired, disabled, and surviving individuals and their families.

It is an important safety net that helps ensure a basic level of income and security for millions of Americans.

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