Research the development and administration of the US Social Security program.

The US Social Security program was first introduced in 1935 as part of President Franklin D. Roosevelt’s New Deal. It is a social insurance program that provides income and other benefits for those who are retired, disabled, or deceased; it is funded by payroll taxes which are currently set at 6.2% of an employee’s wage up to $132,900. Over the years, there have been many changes to this program. Originally it was only for those aged 65 and older. Now disability benefits are included as well. The administration of the program was moved from state to a centralized office, which is overseen by a Board of Trustees that has been appointed by President Obama and confirmed by Congress. In the past, various reforms have been attempted. The most recent attempt was to introduce private investment accounts to the mix. This proved to be unsuccessful because of the high costs associated with administration and the potential risks. Despite these challenges however, Social Security remains one of America’s largest government programs providing vital economic security for millions of Americans each year.