Goals of the Social Security Act

Hard Period 7: 1890–1945 Great Depression

The Great Depression was a complex event that not only undermined the U.S. economy but also deeply impacted the political landscape. With widespread unemployment and poverty, various proposals were made to alleviate the hardships faced by millions of Americans. One of the most significant policies was the establishment of the Social Security Act in 1935. This act was designed to provide aid to the elderly and unemployed in a systematic way. In this context, which of the following statements best captures a primary aim of the Social Security Act?

To stimulate economic growth by providing tax incentives for businesses.

To provide a safety net for individuals through unemployment benefits and retirement pensions.

To nationalize the banking system and ensure government ownership of financial institutions.

To regulate stock markets to prevent future crashes and ensure a stable economy.

Hint

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