On August 14, 1935, President Franklin D. Roosevelt signed the Social Security Act into law, creating unemployment compensation, old-age benefits and aid to dependent children.
“We can never insure one hundred percent of the population against one hundred percent of the hazards and vicissitudes of life, but we have tried to frame a law which will give some measure of protection to the average citizen and to his family against the loss of a job and against poverty-ridden old age.” -- President Roosevelt at the signing
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