August 15, 2014
04:08 PM EDT
On August 14, 1935, President Franklin Roosevelt said, “We can never insure 100 percent of the population against 100 percent of the hazards and vicissitudes of life, but we have tried to frame a law which will give some measure of protection to the average citizen and to his family against the loss of a job and against poverty-stricken old age.”
With that, he signed the Social Security Act into law, ushering in an era of economic prosperity for middle-class families. The first American to get Social Security received 17 cents in benefits. Today, 79 years later, Social Security stands as a major source of income for 54 million Americans who have paid into the system for their entire working lives.
President Obama understands that many seniors rely on Social Security, and believes that every one of them should be able to retire with dignity, which is why he’s acted to strengthen the Social Security system and ensure it remains solvent for years to come.