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SOCIAL SECURITY: A system for providing financial assistance to the poor, elderly, and disabled. The social security system in the United States was established by the Social Security Act (1935) in response to the devastating problems of the Great Depression. Our current Social Security system has several parts. The first part, Old Age and Survivors Insurance (OASI) is the one the usually comes to mind when the phrase "Social Security" comes up. It provides benefits to anyone who has reached a certain age and who has paid taxes into the program while employed. It also provides benefits to qualified recipients survivors or dependents. The second part of the system is Disability Insurance (DI), which provides benefits to workers and their dependents in the case of physical disabilities that keeps them from working. The third part is Hospital Insurance (HI), more commonly termed medicare. Medicare provides two types of benefits, hospital coverage for anyone in the OASI part of the system and optional supplemental medical benefits that require a monthly insurance premium. The last part of the social security system is Public Assistance (PA), which is the official term for welfare and is covered under it's own heading.
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RECESSION A phase of the business cycle characterized by a general period of declining economic activity. A recession is one of two basic business cycle phases. The other is expansion. The transition from recession to expansion is termed a trough and the transition from expansion to recession is termed a peak. The technical term for recession, which is generally used by economists and policy makers, is contraction.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time going from convenience store to convenience store seeking to buy either a pair of blue silicon oven mitts or a coffee cup commemorating the 2000 Olympics. Be on the lookout for broken fingernail clippers.
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This isn't me! What am I?
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The 22.6% decline in stock prices on October 19, 1987 was larger than the infamous 12.8% decline on October 29, 1929.
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"A pint of sweat saves a gallon of blood. " -- General George Patton
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FIFO
First In First Out
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