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The last instance of such a default took place during the Great Depression, in 1933, when the state of Arkansas defaulted on its highway bonds, which had long-lasting consequences for the state. [1] Current U.S. bankruptcy law, an area governed by federal law, does not allow a state to file for bankruptcy under the Bankruptcy Code. [2]
Nestor, 363 U.S. 603 (1960), was a United States Supreme Court case in which the Court upheld the constitutionality of Section 1104 of the 1935 Social Security Act. In this Section, Congress reserved to itself the power to amend and revise the schedule of benefits.
No state has ever declared bankruptcy, though. As state and local governments have shut down businesses to prevent the spread of COVID-19, they have also ended much of the consumer activity that ...
The Social Security debate in the United States encompasses benefits, funding, and other issues. Social Security is a social insurance program officially called "Old-age, Survivors, and Disability Insurance" (OASDI), in reference to its three components. It is primarily funded through a dedicated payroll tax. During 2015, total benefits of $897 ...
It was the most important part of the Social Service Amendments of 1974, which created part D of Title IV of the Social Security Act. The measure gave the SSA the responsibility of tracking down ...
By a 7 to 2 margin, the Supreme Court found SSA's listing-only methodology for determining SSI child claims inconsistent with the statutory standard of "comparable severity" set forth in the Social Security Act. The Court invalidated the SSA's regulations and rulings as they were found to not provide SSI child claimants with an individualized ...
The House-passed Social Security Fairness Act enjoys rare bipartisan support on Capitol Hill, yet the odds of it getting enacted are growing smaller with each passing day.
The history of bankruptcy law in the United States refers primarily to a series of acts of Congress regarding the nature of bankruptcy.As the legal regime for bankruptcy in the United States developed, it moved from a system which viewed bankruptcy as a quasi-criminal act, to one focused on solving and repaying debts for people and businesses suffering heavy losses.