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Facts Forum News, Vol. 5, No. 1, January 1956
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Facts Forum. Facts Forum News, Vol. 5, No. 1, January 1956 - File 022. 1956-01. University of Houston Libraries. University of Houston Digital Library. Web. January 23, 2020. https://digital.lib.uh.edu/collection/1352973/item/209/show/161.

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. (1956-01). Facts Forum News, Vol. 5, No. 1, January 1956 - File 022. Facts Forum News, 1955-1956. University of Houston Libraries. Retrieved from https://digital.lib.uh.edu/collection/1352973/item/209/show/161

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. 1, January 1956 - File 022, 1956-01, Facts Forum News, 1955-1956, University of Houston Libraries, accessed January 23, 2020, https://digital.lib.uh.edu/collection/1352973/item/209/show/161.

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. 1, January 1956
Alternate Title Facts Forum News, Vol. V, No. 1, January 1956
Series Title Facts Forum News
Creator
  • Facts Forum
Publisher Facts Forum
Date January 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
  • Facts Forum News
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 022
Transcript SOCIAL SECURITY rcon.™^ Social Security — A Current Analysis By Representative Robert W. Kean (R) of New Jersey* Representative Kean lias heen called "Mr. Social Security" line to his incessant efforts to broaden Social Security coverage on a sound hei-i-. His plans for the future as a legislator include Sen-ieil Security for all. with benefits based on ten years of earnings, and with extra benefits for people who work pasl the age of sixty-five. WHEN 1 first meule- u careful study of our Social Security system it bad been in existence for nceiilv ten years. Il was no longer an experimental innovation, but had become em integral part of our economy; however I found tbut the system was full of inequities. No changes bud been made since 1939. Only about half our workers were in covered employment, umi benefits wen- bused on tbe pre-war value of the dollar, giving no consideration to the inflation which bud taken place. My study convinced me of the worth of the program. Since then I have tried lo guide improvements in the system in the direction which would maintain its value- lo ils beneficiaries, bul would ul the- same time maintain sound principles ami a sound financial structure. Then- is dynamite in tin- program, for voting increased benefit- ha- a strong political appeal- especially in an election year; and tbe light to keep the system sound, both financially and socially, will be unending. In the past ten vcais strong attacks which might have wrecked the system have been made both from conservative and radical elements, and in Irving lo -te-e-i- a straight path I found mvsclf both at limes eit odds and eil times bund in hand with groups from both the left and the right. PRESENT AND PROJECTED BENEFITS Let u- look eil the system a- it exists today. About nine out of ten people- who work for a living can lenek forward to retirement benefits under the Federal (lid "ige and Survivors Insurance program. Furthermore, nine out of ten mothers and children are assured "I monthly benefits in case of the death of tin- family breadwinner. Benefits for un individual may be u- high us S108.S0 a month; for a married couple, 8102.75 a month; for a widow, <::il a month; and lor a widow with minor children as much as 1200 a month. •This address was given September 8, 19vs. during the annual meeting of the Ceeuncil of State Chambers of Commerce en Atlantic ( 5-.. New Jersey. .-\l tfie beginning of 1955 over seventy million people were insure! under tin- law, umi approximately thirty million wt-ii- permanently insured, that is. they will ultimately receive benefits even if they do no more- work. lu August, benefits were being paid to ovei seven and u half million people. Representative Robert W. Kean (R), of New Jersey, known at "Mr. Social Security." These payments will total almosl fixi- billion dollars in 1955. The fund will receive more ibun five ami a half billion dollars from Social Security taxes and nearly live hundred million dollar- in interest from its investments in iln- im-i fund. It i- estimated tbut by 1975 twcniv years from now there will be more than twenty million -Vmericans age 65 or over und thai some sixteen and a half million pee.pic will then be receiving monthly Social Seem itv benefits. The trust fund now i eensi-ls of twenty- one billion dollars invested in government bonds. You can sec bow vast is the program. Even minor changes in iln- law can have a profound und far-reaching effect on American life. To millions ol our ..lid it pe-eeple- the- system represents the ljt(.(| ( foundation of their own n-liii-nienl r rarity, as well as the survivorshipltll| a( tection of their dependents. BASIC PRINCIPLES It he Our contributory Social SooiiritfUM,| j Icm is founded on certain basic |'(a s.„.r pies, I believe that they are sound. Vnditi are these basic principles? u- So First. I.e-ne-lils arc paid a- a '" \ ,., of right withoul a "means test." W^yste-m and llieir employers have- paid 'N'av t\ emd the former are entitled to b*4lien I whatever their linam inl situation f-j 1 >uI■ ■ he. Jeneru Second, the program is l'maiicf'onil i tin contributions Irom both cinp' This anil employee on a percentage "-.reul... roll. This insures that management-liisum eunl lhe- ge-iie-reil public will leik'' 'aver sponsible interest in the program, si,,. Third, benefits arc related lo 'vice I This principle is in accord tt'itniiisrs. American system of free enterprise, p n. incentive-. The worker who earns Vimei gels more ieil Si Fourth, benefit- are paid only I" Kpens who have virtually retired. The sv'-lynniei one by which benefits are paid retirement, not a system to pay tics eil et certain age. Fifth, the program should be srtuin luineil on us sound u financial l*** This i- possible in any program whef'licilu are so many unknown qu;iiiiiii''"'vi-ii-n as how many aged people- there *>|| its fifty years from now. whal will "ave t, wage scale, what will be tbe veih't' ay e dollar then, and so Forth. dual.- I would like to discuss this till'1 id so ciple first, for there have bee" lis,- a attacks on the financial set-up. hich Some have said that the- progra*%purti not carry oul sound insurance r Hon, pies because if the system were Inch abolished today there is not **e an; enough money in the trust fund ''cut. ben. lit- to eell those who haV'icse tribute.I. aV(' I' However, the conception of ;,fl!ut 'I' soundness as it applies to our ("'"steel eunl Survivors Insurance system ,"L' "'' sv- rnniei lid 'f its ) ' hid, eeaeu- itiffcrs ronsulera blv from tK?V1'' cept of actuarial soundness us i' -,!,' Page 20 pliceihle to private insurance. "mot The mosl important differeii' to the facl that a social insura'** anv tern can be assumed to he per|*t"v"(<' ' nature with u continuous flov entrants ns a result of it- coml™''lhi provision*. ' " Vccordinglv. il may he -..i.i ||: '"" ' Old Vge and Survivors Insurant*''*1" gram i- actuarially sound, if ''J ." eietiieiii.il balance by reason ol tbat future income from cmitriP Al TS Facts Forum News, JaiiiuV'1'.
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