Final answer:
The Social Security Act of 1935 provided financial assistance to the elderly, unemployed, disabled, and widows with children. It aimed to offer a social safety net during the Great Depression and was later expanded to include healthcare benefits for the elderly and certain individuals with disabilities through Medicare in 1965.
Step-by-step explanation:
The Social Security Act of 1935, a critical component of President Franklin D. Roosevelt's New Deal, was designed to offer financial support to several key groups within the American population during the hardships of the Great Depression. Specifically, the act provided benefits for the elderly, aiming to guarantee them a level of financial security upon retirement at the age of 65. The act also offered unemployment insurance to aid those temporarily out of work, and it set up programs to assist the disabled, widows and their children. Notably, the original act did not cover all workers, leaving out domestic workers and farmers which significantly affected women and African Americans within these groups.
Moreover, future amendments, including those under President Lyndon B. Johnson's administration, expanded these benefits. By 1965, Medicare was introduced to provide health coverage to the elderly and certain disabled individuals which greatly increased the scope of the Social Security system. The creation of Medicare helped address the significant percentage of seniors without health care coverage and complemented the financial support provided by the Social Security Act.
The goals of the Social Security Act went beyond merely providing monetary aid; it aimed to create jobs for younger workers by encouraging elderly workers to retire and supported housing through the Federal Housing Administration. The overall goal was to build a social safety net that would protect the most vulnerable citizens during times of economic hardship.