What effect did the collection of payroll taxes in 1937 to support the new Social Security system have on the economy? What effect did the collection of payroll taxes in 1937 to support the new Social Security system have on the economy? It was neutral; there were still too many people unemployed for it to make an impact. It was positive; people knew that there was a safety net. It was positive; it put money into circulation. It was negative; it slowed the economy down