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An Act to provide a hospital insurance program for the aged under the Social Security Act with a supplementary health benefits program and an expanded program of medical assistance, to increase benefits under the Old-Age, Survivors, and Disability Insurance System, to improve the Federal-State public assistance programs, and for other purposes.
Harry Truman, who would go on to become the first Medicare recipient under President Lyndon B. Johnson, expanded the program with the Social Security Act Amendments of 1950.
Not including Social Security and Medicare, Congress allocated almost $717 billion in federal funds in 2010 plus $210 billion was allocated in state funds ($927 billion total) for means tested welfare programs in the United States, of which half was for medical care and roughly 40% for cash, food and housing assistance.
By 1962, 13 percent of the federal budget and half of all mandatory spending was committed to Social Security. [3] Less than 30 percent of all federal spending was mandatory. This percentage continued to increase when Congress amended the Social Security Act to create Medicare in 1965.
The net result is that the richest Americans bring in 10 to 12 years more in monthly Social Security checks, building up a lifetime advantage over those with shorter life expectancies.
Social Security tax: Both you and your employer contribute 6.2 percent of your wages up to a capped amount called the taxable maximum ($168,600 in 2024). This cap means that high-income earners ...
Lyndon B. Johnson signing the Medicare amendment (July 30, 1965). Former president Harry S. Truman (seated) and his wife, Bess, are on the far right.. Originally, the name "Medicare" in the United States referred to a program providing medical care for families of people serving in the military as part of the Dependents' Medical Care Act, which was passed in 1956. [7]
The Social Security Fairness Act, which would increase benefits for 2.8 million retirees, has bipartisan support but time running out. Social Security bill to expand benefits is in the hands of ...