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Begun in 1935 by the Social Security Act signed into law by FDR, more than thirty million Americans were registered for the economic security sanctions by 1937. From 1937 to 1940, payments were made in one-lump sums amounts with the first amount being seventeen cents. Following amendments in 1939, the payments turned into monthly benefits and increased. Following further amendments in 1950, cost-of-living increases were awarded to those who were receiving benefits. From 1950 to the present, benefits have increased yearly in response to inflation concerning the costs of living. |
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