Describe Franklin D. Roosevelt's social security act. How did it effect American economy?
AND how does it still effect America today?
- Mark MLv 77 years agoFavorite Answer
Before social security, half the people at the work farm were elderly, unable to hold down a job. With social security, fear of old age was reduced. Local comm unites saw their welfare bill go down.
It also made americans less risk adverse. In Japan, the old age pension is less generous, and people save more. However in Europe benefits and taxes are higher, and savings are more as well.