Final answer:
The Social Security Act of 1935 established three main programs: Old-Age Insurance for retirees, Unemployment Insurance for those who have lost their jobs, and Aid to Families with Dependent Children (now TANF), offering financial assistance to needy families.
Step-by-step explanation:
The Social Security Act of 1935 established several crucial welfare programs in the United States. Three of these main programs include:
- Old-Age Insurance - This component of the Social Security Act provides a retirement pension to eligible individuals, typically starting at age 65. It is based on the individual's earning history and is financed through payroll taxes paid by employers and employees.
- Unemployment Insurance - Funded by taxes on employers, unemployment insurance provides financial assistance to workers who have temporarily lost their jobs. This program is managed by the states with federal oversight and helps to stabilize the economy during downturns.
- Aid to Families with Dependent Children (AFDC) - Originally part of the Social Security Act, this now-defunct program was replaced by Temporary Assistance for Needy Families (TANF) in 1996. It provided financial assistance to children in families without sufficient income, with additional support for the blind, deaf, or disabled.
Overall, the programs established by the Social Security Act have played a major role in reducing poverty among the elderly and providing support to the unemployed and disabled.