Final answer:
The Social Security Act was a federal law that aimed to provide financial security to older Americans, unemployed workers, disabled individuals, and impoverished children. It created old-age pensions, unemployment insurance, financial compensation for injured workers, and aid for impoverished families. The act helped alleviate economic hardships and establish a system of social insurance in the United States.
Step-by-step explanation:
The Social Security Act was a federal law passed in 1935 as part of the New Deal in response to the Great Depression. It aimed to provide financial security to older Americans, unemployed workers, disabled individuals, and impoverished children. The Social Security Act created old-age pensions for retired workers and their dependents, financed through taxes paid by employers and employees. Additionally, the act provided matching federal grants for states to establish unemployment insurance, financial compensation for injured workers, and direct aid for impoverished families with children.
By establishing a system of social insurance, the Social Security Act helped alleviate the economic hardships faced by many Americans during the Great Depression. It provided older Americans with a government pension, ensuring they had some income in their retirement years and reducing the burden on younger generations. The act also created a safety net for unemployed workers, individuals with disabilities, and impoverished children, helping to address some of the economic and social challenges of the time.