Which New Deal program provided old-age pensions and unemployment insurance?

Which New Deal program provided old-age pensions and unemployment insurance?

• A. Civilian Conservation Corps
• B. Social Security Act (Correct)
• C. Works Progress Administration
• D. Federal Deposit Insurance Corporation

Answer: (B)

The New Deal introduced a nationwide system aimed at providing financial security during hard times, especially for those aged or unemployed. The program that established old-age pensions and unemployment insurance is the Social Security Act of 1935. It created a retirement system funded by workers’ payroll taxes and a separate unemployment insurance funded by employer and employee contributions, giving workers a financial safety net when they could no longer work or lost their jobs. Other New Deal efforts like the Civilian Conservation Corps and the Works Progress Administration focused on putting people to work through public projects, not providing pensions or unemployment benefits. The Federal Deposit Insurance Corporation, meanwhile, protected bank deposits to restore trust in the financial system.

The New Deal introduced a nationwide system aimed at providing financial security during hard times, especially for those aged or unemployed. The program that established old-age pensions and unemployment insurance is the Social Security Act of 1935. It created a retirement system funded by workers’ payroll taxes and a separate unemployment insurance funded by employer and employee contributions, giving workers a financial safety net when they could no longer work or lost their jobs. Other New Deal efforts like the Civilian Conservation Corps and the Works Progress Administration focused on putting people to work through public projects, not providing pensions or unemployment benefits. The Federal Deposit Insurance Corporation, meanwhile, protected bank deposits to restore trust in the financial system.