Changes

Over the years excess withholdings from workers paychecks, (known as F.I.C.A.), have been used to fund government paygo operations such as the [[Vietnam War]],<ref>"President Johnson issued a 'unified' federal budget for FY1969. This was done administratively (i.e., not as a result of

Over the years excess withholdings from workers paychecks, (known as F.I.C.A.), have been used to fund government paygo operations such as the [[Vietnam War]],<ref>"President Johnson issued a 'unified' federal budget for FY1969. This was done administratively (i.e., not as a result of

legislation)." Social Security and the Federal Budget: What Does Social Security’s Being “Off Budget” Mean? CRS Report for Congress, 98-422 EPW, Updated July 23, 1998, [http://assets.opencrs.com/rpts/98-422_19980723.pdf p. 20.]</ref><ref>[http://research.stlouisfed.org/publications/review/68/03/Stabilization_Mar1968.pdf The Federal Budget and Stabilization Policy in 1968.]</ref><ref>[http://www.taxfoundation.org/files/rp25-2.pdf IV. Trust Funds in the Unified Budget,] p.3.</ref> for instance. However, overwithholding from workers paychecks will become less of a problem in the near future as the gap is closed between the ratio of workers supporting the system, and those drawing upon the system for sustenance.

legislation)." ''Social Security and the Federal Budget: What Does Social Security’s Being “Off Budget” Mean? CRS Report for Congress'', 98-422 EPW, Updated July 23, 1998, [http://assets.opencrs.com/rpts/98-422_19980723.pdf p. 20.]</ref><ref>[http://research.stlouisfed.org/publications/review/68/03/Stabilization_Mar1968.pdf The Federal Budget and Stabilization Policy in 1968.]</ref><ref>[http://www.taxfoundation.org/files/rp25-2.pdf Trust Funds in the Unified Budget,] p.3.</ref> for instance. However, overwithholding from workers paychecks will become less of a problem in the near future as the gap is closed between the ratio of workers supporting the system, and those drawing upon the system for sustenance.

With the abject failure of the [[New Deal|First New Deal]] to create any net new private sector jobs, the Social Security Act was passed in 1935 and started operations in 1937. Since benefits required at least 5 years of payments, a special program was included in 1937 to help old people who already were retired and who had high rates of poverty.  

With the abject failure of the [[New Deal|First New Deal]] to create any net new private sector jobs, the Social Security Act was passed in 1935 and started operations in 1937. Since benefits required at least 5 years of payments, a special program was included in 1937 to help old people who already were retired and who had high rates of poverty.