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Facts Forum News, Vol. 5, No. 10, October 1956
File 016
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Facts Forum. Facts Forum News, Vol. 5, No. 10, October 1956 - File 016. 1956-10. University of Houston Libraries. University of Houston Digital Library. Web. September 21, 2017. http://digital.lib.uh.edu/collection/1352973/item/1609/show/1555.

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

Facts Forum. (1956-10). Facts Forum News, Vol. 5, No. 10, October 1956 - File 016. Facts Forum News, 1955-1956. University of Houston Libraries. Retrieved from http://digital.lib.uh.edu/collection/1352973/item/1609/show/1555

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

Facts Forum, Facts Forum News, Vol. 5, No. 10, October 1956 - File 016, 1956-10, Facts Forum News, 1955-1956, University of Houston Libraries, accessed September 21, 2017, http://digital.lib.uh.edu/collection/1352973/item/1609/show/1555.

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

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Title Facts Forum News, Vol. 5, No. 10, October 1956
Series Title Facts Forum News
Creator
  • Facts Forum
Publisher Facts Forum
Date October 1956
Language eng
Subject
  • Anti-communist movements
  • Conservatism
  • Politics and government
  • Hunt, H. L.
Place
  • Dallas, Texas
Genre
  • journals (periodicals)
Type
  • Text
Identifier AP2.F146 v. 5 1956; OCLC: 1352973
Collection
  • University of Houston Libraries Special Collections
  • Energy & Sustainability Research Collection
Rights No Copyright - United States: This item is in the public domain in the United States and may be used freely in the United States. The item may not be in the public domain under the copyright laws of other countries.
Item Description
Title File 016
Transcript CAN SECURITY BE GUARANTEED? %U (Continued from page 12) which the Washington free spenders will utilize for whatsoever their generous (with taxpayers' money) he-arts desire. The Supreme Court (Helvering v. Davis, 301 U. S. 619) has already ruled that tax money is not earmarked, ancl that Congress is at liberty to spend it as it wants. Furthermore, tlie Court has beat down congressional efforts to earmark taxes ancl set them aside for special purposes (United Slales v. Butler, 297 U. S. Page 1, 1936 ).3 The Social Security Administration at one time assured the Supreme Court that it was not in the insurance business. Now, however, it seems to want to give the impression that it is in the insurance business.4 Ancl, as a matter of fact, many insurance companies view with alarm such federal encroachment, as well they might. The need to purchase commercial life insurance is greatly reduced by the ever-expanding compulsory federal insurance. Moreover, the ability of the average individual to pay for commercial life insurance is being drastically reduced by the increased premium he has to pay for the compulsory federal insurance by pay roll deduction. 0 JJJJsJsJJJJs) By letting the above area represent the total life insurance needs ot an average family of four, earning around $5,000 yearly, it can be seen that this was the field in which private insurance companies had to operate before Social Security encroachment. SSSSSSSSSSS The shaded area above reflects the amount of federal compulsory "life insurance," limiting by approximately half the field in which private insurance companies have to operate at present. The ultimate result of the movement will be that insurance companies will be unable to continue adding as many new policy owners, and may be forced to ask the government to take over their liabilities. The government would be in a position at such a time- to say, "We will gladly assume the liabilities, but in order to do so we Page 14 Examples of personal fortitude, in the face of almost impossible odds, are employees of Abilities, Inc. at work in their Coil Winding Department. Here, they turn out electric components for companies such as Remington Rond and Sperry Gyroscope Company. must also take over the assets" — such assets comprising most of the home mortgages in America, office buildings of the companies, stocks, bonds, etc. It is in such a manner as this, warn many insurance companies, that socialistic "Greeks" in a "Trojan" horse are being dragged into the camp of our republic. Opponents of the Social Security revision state that welfare-staters and socialist-minded legislators have employed the old triccl-and-true emotional appeal to camouflage the implications of a revised program. For example, the increase in the tax, to finance a revised program, may seem small indeed compared with what the tax will soar to later under the revision in the Social Security Act. Under the bill the tax will jump to nine per cent in 1975. It appears fairly obvious that a larger and larger percentage of people will be moving into the retirement bracket, and a smaller and smaller group will be shelling out more and more taxes to support them.5 The government, even with its clever dollar jugglers — past m-isters at fiscal legerdemain — cannot continue taking from today's Peter to pay tomorrow's Paul. Under the new plan women will start drawing Social Security benefits at 62, and disabled workers of both sexes will start drawing benefits at 50 years of age. This new plan will help breach the gap in the cradle-to-grave security" which, critics say, seems so desirable to some. The revision will not be so all- inclusive as manv believe, however- Senator Wallace F. Bennett (R-Utah) made the following statement: I believe in social security. I also be lieve we- should help our disabled. But 1 do not believe this program is either nl accord with the- fundamental principles ot social security or that it will solve UH problems of all our disabled. When a survey of my state tells me that this amend* ment would help less than one out of f°l,r ... I am more convinced than ever tl'-1 this amendment is not the solution. . . - I elo not think this amendment doe* either equity or justice.7 Senator Harry F. Byrd (D-VaA speaking before the United States Si-"' ate, stated that private insurance c<"iv panics had had unfavorable e-xpi'1' ence with total-disability insurant* which had resulted in losses of n11 lions of dollars. He stated, further that a public-disability program woU*~ meist likely have the same expciie'11'1 in case there should come a busiii(>' recession. The reason for this woi'1 be obvious — the tax under the D<S* amendment might have to be subst"" tially increased at a time when -'" people would be least able to pay Senator Byrd pointed out that it h* been impossible to devise a fed1'1'1 system of disability which would ■* (Continued on page mi and. •Ibid. '■The Houston Chronicle. March 19, 1956. ""What AbsEEEl the Plan to Pension the Des.eI"^ U. S. News and World Report < Meev- 18, 195 p. 82. ■SI CongrtmtlotUXl Record <195fl), p. 11853. al.l<*i\ Facts Forum News, October. 19$ "ad i ley
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