Editing Social Security Act (section)

==Impact==
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In 1940, Social Security benefits paid totaled $35 million and rose to $961 million in 1950, $11.2 billion in 1960, $31.9 billion in 1970, $120.5 billion in 1980, and $247.8 billion in 1990 (all figures in nominal dollars, not adjusted for inflation). In 2004, $492 billion of benefits were paid to 47.5 million beneficiaries.<ref>[http://www.socialsecurity.gov/history/pdf/2007historybooklet.pdf p. 19] {{webarchive |url=https://web.archive.org/web/20091229061211/http://www.socialsecurity.gov/history/pdf/2007historybooklet.pdf |date=December 29, 2009}}</ref> In 2009, nearly 51 million Americans received $650 billion in Social Security benefits.

During the 1950s, those over 65 continued to have the highest poverty rate of any age group in the U.S. with the largest percentage of the nation's wealth concentrated in the hands of Americans under 35. By 2010, that figure had dramatically reversed itself with the largest percentage of wealth being in the hands of Americans 55–75 and those under 45 being among the poorest. Elder poverty, once a normal sight, had thus become rare by the 21st century.<ref>{{cite web|url=https://www.washingtonpost.com/wp-dyn/content/article/2006/03/17/AR2006031702088.html |title=Curse of the Young Old |work=Washingtonpost.com |date= |accessdate=2021-11-19}}</ref>

Reflecting the continuing importance of the Social Security Act, biographer [[Kenneth S. Davis]] described the Social Security Act "the most important single piece of social legislation in the entirely of American history."{{sfn|Kennedy|1999|p=273}}