Read the passage below and determine which of the following statements can be correctly inferred from the text. Passage: In the late 1930s, the United States enacted the Social Security Act, a core component of the New Deal framework designed to provide financial protection for elderly and vulnerable citizens. While the law successfully established a national safety net and significantly reduced poverty rates among seniors, it required a massive expansion of the federal bureaucracy. Supporters praised it as a benchmark of social equity, but critics argued that the centralized welfare system hindered private pension development and created long-term fiscal strain on the national budget. Statements:
I. The enactment of the Social Security Act led to the immediate dissolution of all private pension plans in the United States.
II. The implementation of the Social Security Act involved a substantial expansion in the scope of federal administration.
III. A portion of the populace held the view that the centralized welfare model impeded growth in the private retirement sector.