The Social Security Act was signed into law by President Roosevelt on August 14, 1935. In addition to several provisions for general welfare, the new Act created a social insurance program designed to pay retired workers age 65 or older a continuing income after retirement.
The current leader of The Social Security Administration is Carolyn W. Colvin.
Currently, the main responsibility of the U.S. Social Security Administration, or SSA, is overseeing the country's Social Security program. Funded by payroll taxes, this program provides monthly benefits to senior citizens, the disabled and survivors of those receiving benefits. Social Security eligibility begins at age 62, but you receive permanently larger payments the longer you wait to claim benefits.
They address market failures by providing a public goods. These public goods consist of: giving retirement funds for older people who may not have the chance to receive those benefits, giving benefits to those who are disabled and cannot provide for themselves, and by giving out social security numbers as a way to prevent identity fraud.
Currently The Social Security Administration is facing three problems: They are paying out more money than what they are giving out, the massive wave of 80 million baby boomers is putting a lot of pressure on the system, and the government is in debt to the administration and cannot pay them back.