DEFINITION of 'Old-Age, Survivors and Disability Insurance Program - OASDI'
The official name for Social Security in the United States. The OASDI is a comprehensive federal benefits program that provides benefits to retirees, disabled people and their survivors. The program was ushered in through the Social Security Act, signed by President Franklin D. Roosevelt on August 14, 1935, when the U.S. economy was in the depths of the Great Depression.
BREAKING DOWN 'Old-Age, Survivors and Disability Insurance Program - OASDI'
The U.S. Social Security program is the largest such system in the world and is also the biggest expenditure in the federal budget. One in seven Americans receives a Social Security benefit and more than 90% of all American workers are in jobs covered by Social Security. The program has grown in leaps and bounds over the decades: In 1940, just over 222,000 people received a total of $35 million in Social Security benefits. By 2015, that number had increased to more than 59 million Social Security recipients who collectively received almost $870 billion in benefits.