Question

In two or more paragraphs, how did the social security amendment of 1965 impact the economy

Answer 1

Impact of Social Security Amendment of 1965 to the Economy

Social Security Amendment of 1965 resulted in the national health insurance program, Medicare and Medicaid. It was meant for the poor economy category which majorly comprised of aged people above 65 years. This is the group with increased demand for medical assistance and have less ability to afford the expenses. The initiative had been planned and organized in such a way that the tax applied on the earnings of employees will be utilized for the program.

The implementation of program resulted in an increase in the tax applied on the earnings, benefits of the employees are reduced regarding cost-cutting, and the retirement age is increased. Though it was challenging for the employees during the difficult economic times to manage it had been accepted across the population as it was for a noble cause. The Social security Act remains dynamic with the changing needs of the society and makes sure the welfare of needy population in the society.