In-kind income refers to benefits or goods and services one receives without monetary exchange, such as public services, food stamps, and housing assistance.
The Social Security Act, a cornerstone of the federal retirement plan enacted by Congress in 1935, was designed to create a system where the current working generation finances the retirement of older workers. This program was a response to the socioeconomic challenges posed by the Great Depression.
A welfare state is a form of governance in which the government plays a key role in the protection and promotion of the economic and social well-being of its citizens. This is achieved through a comprehensive array of services such as medical care, minimum income guarantees, and retirement pensions.
