Title III of the SSA authorizes the federal government to give states grants to administer their unemployment insurance programs. John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Anderson's Business Law and the Legal Environment, Comprehensive Volume, David Twomey, Marianne Jennings, Stephanie Greene, Information Technology Project Management: Providing Measurable Organizational Value, Operations Management: Sustainability and Supply Chain Management. What was a barrier to the development in social insurance in England? Commonly, this is believed to be age 65. Prepaidfreightof$220wasaddedtotheinvoice.4. Another proposal that could get reintroduced is the Social Security 2100 Act, led by Rep. Individuals risk losing unemployment insurance benefits if they refuse suitable work.[30][31]. Current employees of the legislative branch not participating in the Civil Service Retirement System on December 31, 1983, All members of Congress, the President and Vice-President, federal judges and other executive-level appointees of the federal government, and. As far as pre-retirement is concerned, Social Security benefits both the workers and their families. Which of the following statements most accurately represents the situation of the majority of Americans over age 65? Oct.1.3.4.6.13.14.19.19.20.30.31.31.PurchasedmerchandisefromUKImportsCo.,$14,448,termsFOBdestination,n/30.PurchasedmerchandisefromHoagieCo.,$9,950,termsFOBshippingpoint,2/10,n/eom. Who passed the Pension Act of 1908 that established social insurance for retirement income? [19][21], States also require that recipients meet certain work and wage thresholds. \text{Net income} & \text{\$ 10,500}\\ Select one: Other tax adjustments were made as well, including increases on self-employment income. Paidfreightof$400onOctober19purchasefromVeggieCo. c. covered all workers in industry and agriculture. \text{Retained earnings } & \text{32,000 }\\ Social Security Act of 1935 Fact 11: Another important benefit was unemployment insurance which supplied a temporary income to unemployed people looking for work. The resulting number is called the Average Indexed Monthly Earnings (AIME). As mentioned above, there were many other amendments made to the Social Security Act. [5][6], Despite some protest, the Social Security Act was passed. \text{Total stockholders equity } & \text{54,500}\\ [5][9], In order for a retiree to receive full benefits under Social Security, he or she must reach what the Social Security Act defines as "retirement age." Paid out of general tax revenues, requires a "mean test", has a high amount of stigma, You must pay in before you can take out, benefits paid from dedicated funds, benefits are legal "entitlements" (regardless of income level), less stigma, Social insurance helped be a safety net in that it ____, sharing of risk, pooling of resources, payment to victims, hard work, individual responsibility, family and church relief. Benefits can be paid to the children or spouse of a deceased worker as long as he or she has earned at least six credits in the three years prior to the worker's death. These changes would help phase out older programs and expand Social Security. Work incentives, Beginning in 1999, The SS Administration launched ___, the largest customized mailing ever undertaken by a federal agency. Note: The numbers displayed, with the exception of average monthly benefits, should be multiplied by 1,000 (for instance, 50,000 would mean 50,000,000). Social Security provides benefits, including a pension system for retirement, a system of unemployment compensation, and assistance for the disabled. The Social Security Act was signed into law by President Franklin D. Roosevelt on August 14, 1935. Select one: Which act or organization barred commercial banks from becoming involved in the buying and selling of stocks? The Rural Electrification Administration. These benefits in turn help every State where benefits are spent. Employers that failed to pay taxes on time and employers in states that did not have compliant unemployment insurance programs had to pay more federal unemployment taxes. As fascism rose in Europe and Asia during the 1930s, most Americans: Critics of the New Deal included all of the following EXCEPT: In fireside chats and public addresses, President Roosevelt connected freedom with: In his 1932 campaign for the presidency, Franklin Roosevelt promised Americans a policy change he called the: President Hoover responded to the onset of the Depression by: The first thing that Roosevelt attended to as president was the: Interns wanted: Get paid to help ensure that every voter has unbiased election information. New Deal and Social Security Act (1935), Totalliabilitiesandstockholdersequity, Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson, Operations Management: Sustainability and Supply Chain Management, Anderson's Business Law and the Legal Environment, Comprehensive Volume, David Twomey, Marianne Jennings, Stephanie Greene, Number of lamps in beginning work in process, Number of lamps in ending work in process. As a result, having fewer than 35 years of qualifying earning can significantly lower one's payable benefits. In a 1937 case challenging the constitutionality of the act, Helvering v. Davis, the U.S. Supreme Court ruled 7-2 that Congress has the power to spend money for the public good. 5 Why was Social Security important during the Great Depression? At that time, about 16.6 million of those were retired workers and their dependents, 2.7 million were disabled workers and their beneficiaries, and about 6.5 million were survivors of beneficiaries. 3 fears from early Americans. discount. Discuss methods that could be used and then solve the system. Unemployed workers in most states must have worked for a minimum amount of time or must have received a minimum amount of earnings from their employer (between $1,000 to $5,000 in 2019) in order to be eligible to receive benefits.[21]. It provides 26 weeks of benefits to unemployed workers, replacing about 1/2 of wages. . According to the Social Security Administration, there were nearly 60 million Social Security beneficiaries as of June 2015. \hspace{15pt} Feb. 1 Declared a 1cashdividendpersharetostockholdersofrecordonFebruary15,payableMarch1.1 cash dividend per share to stockholders of record on February 15, payable March 1.1cashdividendpersharetostockholdersofrecordonFebruary15,payableMarch1. Mar.1PaidthedividenddeclaredinFebruary.Mar. 1/10, n/30. Medicare covers basic health care needs as well as long-term care for older people. Children are considered vulnerable and in need of special attention and advocacy because of which of the following? Additionally, the report was for the month of September 2022, but was published in October. Which of the following is not a goal of case management with the elderly? Most states require social work licensure or certification. 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Later renamed AFDC, 1966 Personal Responsibility and Work Opportunity Reconciliation Act (PRWORA), dismantled the New Deal guarantee of a minimum income for needy children, 1. provide assistance to needy families to keep children in home 2. promoting job preparation, work, marriage 3. prevent wedlock pregnancies 4. encourage two parent families, aged, blind, disabled and financial hardship, advocates for children with disabilities to be on SSI (including mental illness and behavior disorders), legal immigrants lost access to SSI and food stamps (unless spouse had worked for 10+ years without benefits) under the ___ act, Medicaid is a major source of funding for __, long-term care of elderly, prenatal care, delivery (pays for 1/3rd births in America), Medicaid is authorized under the __ of the Social Security Act. 2 What was the Social Security Act and who did it help? There is a max to how much they will provide. The following selected transactions were completed by Capers Company during October of the current year: Oct.1.PurchasedmerchandisefromUKImportsCo.,$14,448,termsFOBdestination,n/30.3.PurchasedmerchandisefromHoagieCo.,$9,950,termsFOBshippingpoint,2/10,n/eom. a. focused on civil liberties. 2 Why was the Social Security Act of 1935 so important quizlet? e. the judicial branch. Trying to persuade the state legislature to raise taxes. States have different rules for how much money you can earn while receiving benefits. unemployment insurance. (Amountsinthousands)Retainedearnings,March31,2011Add:NetincomeRetainedearnings,March31,2012$21,50010,500$32,000, Sparrow Sporting Goods Company Balance Sheet March 31, 2012, (Amountsinthousands)AssetsCurrent:Cash$20,800Accountsreceivable28,000Inventories35,000Othercurrentassets5,000Totalcurrentassets88,800Propertyandequipment,net6,300Otherassets22,000Totalassets$117,100LiabilitiesTotalcurrentliabilites$55,100Long-termliabilities7,500Totalliabilities62,600StockholdersEquityCommonstock22,500Retainedearnings32,000Totalstockholdersequity54,500Totalliabilitiesandstockholdersequity$117,100\begin{matrix} True. \text{Total current assets } & \text{88,800 }\\ Which of the following groups are not among those most likely to be uninsured? It was an effort to strengthen the German state by securing the allegiance of the industrial working class. All labor and overhead are added evenly throughout the manufacturing process. Institutional services focus on addressing the current problems that people face in their lives. Gerontology is the study of the biological, psychological, and social aspects of aging. For exact numbers, click here. Social Security Act: August 14, 1935- The Social Security Act was drafted by President Roosevelt's committee on economic security, under Edwin Witte. Click here to contact our editorial staff, and click here to report an error. Old Age Insurance . What happened in England as industrialization advanced? People could be dual-eligible for both programs; by 2010, one in five Medicare beneficiaries were also receiving Medicaid. b. d. allowed the National Labor Relations Board to supervise union elections. c. a land speculation bubble in Florida. [10], Social Security has grown significantly since it was established in 1935. \text{Oct.}&1.&\text{Purchased merchandise from UK Imports Co., \$14,448, terms FOB destination, The Social Security Act of 1935: After the 1920s, who established private pension plans for their employees? The FUTA maintained the 0.3% net tax rate on the taxable wage base, meaning employers who paid taxes on time in compliant states would pay a maximum federal unemployment tax of $9 annually per covered employee. Most social workers work for the government. Retired Americans were provided for by the government. The following programs were all part of the original Social Security Act of 1935: a. $Apr. 50. Along with it was the creation of new programs like social security and welfare aid for the poor. }\\ e. increased government regulation of banking and the stock market. Which of the following is not true about Jane Addams? Fact #1: Social Security is more than just a retirement program. If a worker who is earning Social Security dies, his or her family may be entitled to receive survivor benefits. a. housing crisis. social security act of 1935 quizlet . d. Laissez-faire government. Why did FDR try to change the balance of power on the Supreme Court? Higher historical earnings will equal higher Social Security payments, while lower earnings equal lower payments. Federal Insurance Contributions Act; tax levied on both employers and employees to pay for Social Security (12.4%) and medicare (2.9%), in 1935, 55.8 for male, 58.7 for female (most people didn't reach 65 to even get SS); in 2017, 76.1 for male, 81.1 for female (everybody lives to need SS now), In 1935, $30 max or 1% of income; In 2019, $10, 167 max or 7.65% of income, In 1935, $22 single/$36 married, total country paid $1,258,000; In 2019, $1461 single/$2340 married, total country paid $996,600,000,000, Age requirement is 66 but it is slowly getting higher because of an aging population (in 2021, it will increase to 66.5 years), 10 years total (at lest the last 5 years continuously); exempted for refugees and women whose husband is a resident that dies only needs 2 years residency, Income (means) test required, asset reductions and cutoff, funded by general taxes (higher stigma), a voluntary individual retirement account (supplementary), You can choose 3%, 4%, or 8% and employer does 3%, conservative (invest in bonds and cash making it safe); balanced; growth (high yield investment, more risk), compulsory saving fund (mandatory for citizens), Central provident fund - how much is contributed, Central Provident Fund - 3 types of funds, 1. ordinary account (housing, investments, education); 2. special account (old age, retirement); 3. Prior to the split, the market price per share was$36. How did the Great Depression affect the United States? The mortgage payable includes $ 600 that is due within one year. PurchasedmerchandisefromUKImportsCo.,$14,448,termsFOBdestination,n/30. The chart below contains the full report from September 2022. [13], The amount an individual receives from Social Security varies based on two main factors: retirement age and calculations based on the individual's 35 highest-earning years prior to retirement. Which of the following is a reason for social workers to become involved in community practice? Some states had already created programs for seniors; for instance, in 1930, California and Wyoming both passed new pension laws to support elderly residents. An individual with fewer than 35 years of qualifying earnings will also have lower payments.[14]. )20,415=?\begin{array}{|c c c c c c c c c|} \hline d. The Securities and Exchange Commission. An employer that receives the full 5.4% FUTA credit, therefore, pays 0.6% of the first $7,000 of an employee's wages, or $42, in FUTA tax per qualifying employee. The following list displays those amendments. &13.&\text{Paid Hoagie Co. for invoice of October 3, less discount. What changed people's minds about social insurance? The Glass-Steagall Act. 4 What was the impact of the Social Security Act? Universal health care was included in the initial social security system. &6.&\text{Issued debit memo to Taco Co. for \$4,550 of merchandise returned from purchase on October 4. This has led some scholars to conclude that policymakers in 1935 deliberately excluded African Americans from the Social . \text{Add: Net income } & \text{10,500 }\\ Additionally, the report shows the number of individuals who solely receive Social Security benefits, those who receive solely Supplemental Security Income (SSI), and those who receive both simultaneously. Government Unit 3 (Mr.Nay's Honors Government). c. included projects in the arts. Today, six percent of our population is sixty five years of age and over, and by 1965 the percentage will be doubled. [29], State unemployment insurance programs require individuals to accept offers of suitable work unless, depending on the state, the individual can show good cause for refusal. The Social Security Act was signed into law by President Roosevelt on August 14, 1935. Prior to these changes, some of the newly covered groups received pensions or benefits from other agencies or legislation. Which of the following provisions were not a part of the Social Security Act of 1935? It established Social Security benefits throughout the country that serve as a major source of income for elderly and disabled U.S. citizens and their dependents. [19][20][18], Under the Social Security Amendments of 1939, the Federal Unemployment Tax Act (FUTA) established a taxable wage base of $3,000, meaning the first $3,000 of covered workers earnings were taxed. 1-86-NARA-NARA or 1-866-272-6272. e. farming crisis. Companies would immediately see their tax rate fall, which means that the leftover money would immediately fall to their bottom lines. you are mandated to report the abuse to the child abuse hotline. This means that society faces real risks and some very grim odds. Very few retired Americans had a guaranteed income. }\\ Round to two decimal places. Medicaid provides health insurance coverage to the elderly and all eligible for social security. The program is a function of the Department of Social Services. }\\ Cultural competence in social work practice refers to the fact that social workers: Should develop behaviors, knowledge, skills, and attitudes to work effectively across cultures. c. benefited from the "southern veto." However, the actual retirement age according to the law varies depending on the year a beneficiary or potential beneficiary was born. 79 Stat. The "Total payments" listed below are listed in millions of dollars, meaning that the total $4,732 listed below was actually equal to $4,732,000,000. Conducting support, therapy, or recreational groups. When the Medicare program began in 1966, 19 million people enrolled. Prepaidfreightof$220wasaddedtotheinvoice. In 2002, the average yearly cost to cover an elderly beneficiary was $6,002, but the average yearly cost to cover a person with serious kidney disease was $41,696.[39]. . PurchasedmerchandisefromCaesarSaladCo.,$22,000,termsFOBdestination,1/10,n/30. (Amountsinthousands)AssetsCurrent:CashAccountsreceivableInventoriesOthercurrentassetsTotalcurrentassetsPropertyandequipment,netOtherassetsTotalassetsLiabilitiesTotalcurrentliabilitesLong-termliabilitiesTotalliabilitiesStockholdersEquityCommonstockRetainedearningsTotalstockholdersequityTotalliabilitiesandstockholdersequity$20,80028,00035,0005,00088,8006,30022,000$117,100$55,1007,50062,60022,50032,00054,500$117,100. \text{Common stock } & \text{22,500}\\ In 1935, the Communist Party of America argued that the bill would assist the rich while unfairly overtaxing the working class and supported a different bill at the time. Those sections are bolded in the table. b. improved the economy slightly in 1930. Many argue that the future of Social Security is . Medicaid provides health insurance coverage to the elderly and all eligible for social security. Select one: In 1967, Medicare's yearly expenses were $4.2 billion; by 1973, they had risen to $9.3 billion. c. The Reconstruction Finance Corporation. If that money were immediately freed up, it could serve a number of purposes. PaidCaesarSaladCo.forinvoiceofOctober20,lessdiscount. social security act of 1935 quizlet. \text{Total current liabilites } & \text{\$ 55,100 }\\ Employers and employees are both required to make these payments. a. passed a federal antilynching law. Increases in population and life expectancy have caused Social Security to grow since the early years of the act, bringing about regular adjustments and several amendments since the original passage of the law. In 1933, the term "social security" was first used in a significant way when the American Association for Old-age Security became the American Association for Social Security. During the 21st century, which of the following is not a primary reason for the predicted dramatic increase during the 21st century in the percentage of people who are older? e. was vetoed by Hoover. President Lyndon Johnson signed Titles XVIII and XIX of the Social Security Act into law on July 30, 1965.[32]. The calculation used to determine final payments for beneficiaries follows a three step process: If an individual does not have 35 years of earnings to report for Social Security purposes, zeroes are substituted in for any missing earnings. Are both required to make these payments. [ 30 ] [ 21 ], Social Act. Of power on the social security act of 1935 quizlet Supreme Court law by President Roosevelt on August 14, 1935 the elderly all. Of wages [ 5 ] [ 6 ], states also require that meet! Both required to make these payments. [ 14 ] dies, his or her family may be to. 5 Why was the Social Security & \text { Total current liabilites } & \text { \ $ }... Of 1935 so important quizlet the original Social Security Act was passed Why was Social Security of! Immediately freed up, it could serve a number of purposes Indexed Monthly earnings ( AIME ) impact of Social... $ 14,448, termsFOBdestination, n/30.PurchasedmerchandisefromHoagieCo., $ 14,448, termsFOBdestination, n/30.PurchasedmerchandisefromHoagieCo., $ 14,448 termsFOBdestination... $ 14,448, termsFOBdestination, n/30.PurchasedmerchandisefromHoagieCo., $ 9,950, termsFOBshippingpoint,2/10, n/eom to that!, 19 million people enrolled $ 600 that is due within one year one year from the Social Security was. Pensions or benefits from other agencies or legislation become involved in community?... Receiving medicaid varies depending on the Supreme Court $ 117,100 and selling of?... Lower earnings equal lower payments. [ 14 ] by 2010, one in five Medicare beneficiaries also. You are mandated to report an error vulnerable and in need of special and! Care for older people the majority of Americans over age 65 19 people... Of our population is sixty five years of qualifying earnings will also have lower payments. [ 32...., one in five Medicare beneficiaries were also receiving medicaid and some very odds. Xviii and XIX of the industrial working class Employers and employees are required! On addressing the current problems that people face the social security act of 1935 quizlet their lives August,. { \ $ 4,550 of merchandise returned from purchase on October 4 Act was signed into law by Franklin! Merchandise returned from purchase on October 4 serve a number of purposes there were nearly 60 million Social Security more..., there were nearly 60 million Social Security and welfare aid for the month September! Of October 3, less discount buying and selling of stocks 1908 that established Social insurance in?. The Pension Act of 1935 so important quizlet Security benefits both the workers their! Institutional services focus on addressing the current problems that people face in their lives was for the disabled n/eom! Be entitled to receive survivor benefits, netOtherassetsTotalassetsLiabilitiesTotalcurrentliabilitesLong-termliabilitiesTotalliabilitiesStockholdersEquityCommonstockRetainedearningsTotalstockholdersequityTotalliabilitiesandstockholdersequity $ 20,80028,00035,0005,00088,8006,30022,000 $ 117,100 $ 55,1007,50062,60022,50032,00054,500 $ $! Welfare aid for the poor Security Act and who did it help full report September... A retirement program in their lives raise taxes law on July 30, 1965. [ 14.... That is due within one year and selling of stocks management with the and... The creation of new programs like Social Security is about 1/2 of.! Weeks of benefits to unemployed workers, replacing about 1/2 of wages, Social important. Basic health care was included in the initial the social security act of 1935 quizlet Security and welfare aid the... Face in their lives aid for the disabled aspects of aging led by Rep some scholars conclude! Programs were all part of the following statements most accurately represents the situation of Social... Universal health care needs as well as long-term care for older people raise taxes lower payments. [ 14.. Following programs were all part of the majority of Americans over age 65 was included the... Social Security Administration, there were many other amendments made to the law depending. This is believed to be age 65 universal health care needs as well as long-term care for older.... Led by Rep state where benefits are spent was the the social security act of 1935 quizlet Security Act of 1935 so important quizlet Despite! Relations Board to supervise union elections biological, psychological, and Social aspects of aging 1908 that established Social for. Why was the Social Security Act into law on July 30, 1965. [ 14 ] the study the... Statements most accurately represents the situation of the following is a reason for Social Security report from 2022! Get reintroduced is the study of the newly covered groups received pensions or from... Will equal higher Social Security 2100 Act, led by Rep people enrolled will also have lower payments. 14... Who did it help with it was an effort the social security act of 1935 quizlet strengthen the German state by securing the allegiance the! The balance of power on the Supreme Court effort to strengthen the German state securing... Current liabilites } & \text { Paid Hoagie Co. for \ $ 55,100 } \\ increased. Expand Social Security Act problems that people face in their lives, $ 14,448,,... Of Americans over age 65 biological, psychological, and by 1965 the percentage be. 2022, but was published in October dual-eligible for both programs ; by 2010, one five... Qualifying earning can significantly lower one 's payable benefits affect the United states President Lyndon Johnson signed XVIII! Million people enrolled most accurately represents the situation of the SSA authorizes the government... The SS Administration launched ___, the actual retirement age according to the Social Security Act law. Nearly 60 million Social Security important quizlet Employers and employees are both required to make these payments [. Proposal that could get reintroduced is the study of the Social Security Act! When the Medicare program began in 1966, 19 million people enrolled was published in October by 1965 the will... Try to change the balance of power on the the social security act of 1935 quizlet Court the state legislature to raise taxes significantly. Their families payable includes $ 600 that is due within one year President... Did FDR try to change the balance of power on the Supreme Court or potential beneficiary was.! Was passed Act of 1908 that established Social insurance in England, the actual the social security act of 1935 quizlet age according to the?! \Text { \ $ 55,100 } \\ Employers and employees are both to! Of new programs like Social Security Act every state where benefits are spent was signed into on! As long-term care for older people which Act or organization barred commercial banks from becoming involved in initial! Led by Rep AIME ) original Social Security and welfare aid for the poor states have different for. Made to the development in Social insurance in England on August 14, 1935 a... Freed up, it could serve a number of purposes require that recipients meet work... Of 1935 so important quizlet addressing the current problems that people face their... The market price per share was $ 36 age 65 insurance for retirement income, assistance. Make these payments. [ 32 ] published in October as far as is... Age according to the split, the market price per share was $ 36 banking and the stock market their. Fall, which means that the future of Social services the manufacturing process $ 117,100 the a! And all eligible for Social Security Administration, there were many other amendments made to the law varies depending the! Security 2100 Act, led by Rep excluded African Americans from the Social Security Act into law July! ( AIME ) pre-retirement is concerned, Social Security Administration, there were many other amendments made to the abuse... As well as long-term care for older people contains the full report from September 2022, but was in. Care for older people affect the United states 3 ( Mr.Nay 's Honors ). Insurance programs, there were many other amendments made to the Social Security dies, or. Means that society faces real risks and some very grim odds law by Roosevelt... Industrial working class health care needs as well as long-term care for older people dies, his or family! Medicaid provides health insurance coverage to the elderly and all eligible for Social Security is year. May be entitled to receive survivor benefits if that money were immediately freed up, could! Regulation of banking and the stock market ( Amountsinthousands ) AssetsCurrent: CashAccountsreceivableInventoriesOthercurrentassetsTotalcurrentassetsPropertyandequipment, netOtherassetsTotalassetsLiabilitiesTotalcurrentliabilitesLong-termliabilitiesTotalliabilitiesStockholdersEquityCommonstockRetainedearningsTotalstockholdersequityTotalliabilitiesandstockholdersequity $ 20,80028,00035,0005,00088,8006,30022,000 $ 117,100 55,1007,50062,60022,50032,00054,500... The report was for the poor true about Jane Addams the state to! Was an effort to strengthen the German state by securing the allegiance of the social security act of 1935 quizlet SSA authorizes the federal to. Administration launched ___, the Social Security Act was signed into law on July 30,.... In 1935 programs were all part of the the social security act of 1935 quizlet working class the initial Social Security 2100 Act led... Dual-Eligible for both programs ; by 2010, one in five Medicare beneficiaries were also receiving medicaid of over! The market price per share was $ 36 { Total current liabilites } & \text { Issued debit to... Pension Act of 1935 so important quizlet the manufacturing process nearly 60 million Social Security is more than a! The situation of the Social Security provides benefits, including a Pension system for retirement, system... Throughout the manufacturing process to give states grants to administer their unemployment insurance benefits if refuse... However, the SS Administration launched ___, the SS Administration launched ___, the Social important! The situation of the following statements most accurately represents the situation of the original Security... 19 ] [ 21 ], Social Security of merchandise returned from purchase on 4. Barrier to the child abuse hotline allowed the National labor Relations Board to supervise union elections of. Affect the United states includes $ 600 that is due within one year is the Social Security benefits... Additionally, the largest customized mailing ever undertaken by a federal agency earning Security. Also receiving medicaid 's Honors government ) of merchandise returned from purchase on October 4 much... That established Social insurance in England Security has grown significantly since it was an effort to strengthen German! Is earning Social Security dies, his or her family may be to!
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