Answer:
Retirement assistance, such as the Social Security Act of 1935, could soften the hardships of the Great Depression in several ways:
Providing a safety net for older Americans: The Social Security Act provided retirement benefits to workers aged 65 and older, which helped many older Americans avoid poverty during the Great Depression. This safety net allowed retirees to live with some level of financial security and dignity, rather than facing destitution in old age.
Creating jobs: The Social Security Act also included provisions for unemployment insurance, which helped workers who lost their jobs during the Great Depression. By providing support for those who were out of work, the act helped create jobs by stimulating demand for goods and services.
Boosting consumer spending: Retirement assistance provided by the Social Security Act helped boost consumer spending, as retirees had more disposable income to spend on goods and services. This increased demand helped spur economic growth and job creation.
Promoting social stability: Retirement assistance helped to promote social stability during a time of great economic upheaval. By providing a safety net for older Americans, the government was able to reduce the risk of widespread poverty and unrest, which could have contributed to further economic turmoil.
Overall, retirement assistance provided by the Social Security Act of 1935 helped soften the hardships of the Great Depression by providing a safety net for older Americans, creating jobs, boosting consumer spending, and promoting social stability.
Step-by-step explanation: