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Facts Forum News, Vol. 5, No. 1, January 1956
File 025
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Facts Forum. Facts Forum News, Vol. 5, No. 1, January 1956 - File 025. 1956-01. University of Houston Libraries. University of Houston Digital Library. Web. December 1, 2020. https://digital.lib.uh.edu/collection/1352973/item/209/show/164.

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 025. Facts Forum News, 1955-1956. University of Houston Libraries. Retrieved from https://digital.lib.uh.edu/collection/1352973/item/209/show/164

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 025, 1956-01, Facts Forum News, 1955-1956, University of Houston Libraries, accessed December 1, 2020, https://digital.lib.uh.edu/collection/1352973/item/209/show/164.

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
Item Description
Title File 025
Transcript 1 (Continued) SOCIAL SECURITY ml ■"itf- Ihdlv Hancock of Kentucky, (.been. is compurJ" ■ .... i . i . {■ i . s in ' '"' Medical Advisory Commit- r two it ^e. Social Security Administration, llu mos . t.oiiL'Iy opposed adding this provision written i>, ,,. ; I is ■liicine-nt age . the most imp0'. f,,' lhe la the eel inn I"'"''"1'." anous have prior.t) t educing the' -'- ive- benefits nds died alter j a mature age- ,0. Vnd to nail". cceive benefits leiii,nl I have I nder the proposed bill this determi- woulil ultimately be made by state authorities. Ol course, stales which eire liberal in their determination as to who should receive Social Security benefits would thus have a smaller burden of stale relief payments to their permanently disabled. Thus heavy pressure would be on them to declare their citizens eligible for Social Security benefits, relieve' the burden on the state treasury, and place the burden on 1 (nele Sam. From Ihis short discussion of the bill now before the Senate', you can see I heel ii has many grave seee-iul and economic implications. i regret to say that 1 feel my Committee, the Wav- and Means Committee, nh:h: iled its responsibility 1 v refusing to have public hearings and by ils hasty consideration of the legislation. wih of the lifl •nt in the hcei'1 t wise to llisCO" wish to work lis age i- estal eurposes, will "1 adopted by I remember that". list lasl week more older c'1 ive proposition Social Si-curity become total I estimate of be actuaries Economic Aspects of Social Security w ale 11.11 of the popularity of the Social Security program, as it has been operating in tbe United rests upon the false premise that al Security is a form of old-age in- rance with death benefits for surviv- s jusl like annuities or life insurance lie ie- -.eld b\ private insurance com- ntcs. Many employees who pay Soeieil '"' acinar... ecu itv taxes apparently believe that f™ Was •'"*, Jr>' »«* lulling eeweev e, savings fluid '"liars a year «L(\ |na| .my |)romis(1(j r(,|iremen| ,„.„,.. n.niee in m^ts will simply be e, pari of their own "' '' "x""JtS Wl" simP'y '"' a I»an of their own ouneed Den' n lngg (.oming ,,.„.,. |() [hem - ^^ is to pe.v ben , l)Hievt, tha| lhe omise of I totally disahl^ider the Social S, ■ who were 5 uitc as .,,„,-,- all,| he,- as much veil,,, 5 the prospect „f fU|UTe income from fcrsonally owned emd controlled pri- D ECONOMIC He property. And Ihe experience of "ne of the earlv beneficiaries of the pal Security program leaves the im- '"" that here i- a far less costly pension program is :ations lion, if eulvi nlcr into onlydi deration. It & ■ ie monev eon" employee- wee-' to pay bciiefi". mrvivors u|"'" have had -, Si plu "I an private insurance coverag lost like something for nothing. TAXES PAID AND BENEFITS RECEIVED ".'*' ,.'""' persons, having paid Social Seng Ibis iv|i'*nitv tuxes since thev were firsl levied line if '" '<r'7. therefore feel that they have I the esliniutf unci ||„. ri„|„ |o a||y |„.11(.|;,s auowe(j in itv Adinini- "'er the program. eis plan is far • lhe maximum lax anv person could ition. and 1 tKn'' I'uid was 830 a vear 1 per cent program. I'^,1 'In- first 83000 of his yearly wages ition. Nearly '''' '"'' '*aeh of the fourteen years from his handicap*?-"*'' through 1950. In 1051 he mighl bulc to the «ve paid 1 per cent of 83600. ami In is lo receive j>52 and 1953. ll/2 per cent of 83 1. ent when he <**f difficult News, Jittutt'^ Al rs Forum News, Ja By PAUL L. POIROT* I hus, il he bud earned the maximum tuxetble- income in each ol the seventeen years, he might have paid a total of S5d I in Soeieil Security taxes. His employer would have matched that amount, bringing their combined total to 81128. If that person bad retired on January 1. 1951. helving reached the age of 65, einel if his wife held also passed her 65th birthday, ihey would be eligible for retirement benefits of 8127.50 a month. Thus, within nine months, that man and bis wife would receive more in Sociul Security benefits than both he and his employer could possibly have paid as Social Security taxes for his account over the seventeen years since the program weis initiated. But the life expectancy al age 65 is more than nine months more than nine years, iii fact. By what twist of logic or of morality eloe-s emv person expect to gel fionl ten to fifteen or even more times the benefits for which he bus paid? Al whose expense, und why'.'' The foregoing figures are bused on the maximum taxes any one could have paid through the first seventeen years of the program. Many of the three million persons already receiving Social Security old-age benefits cstubbsbeil their legal eligibility with far less than the maximum lux payments of $1128. Is it any wonder that some persons look upon Soeieil Security ;i- a greal insurance bargain? The truth, however, is that Social Security is not insurance al eill in the- eco- nomic sense of the word. The value of private old-age or life insurance protec' lion stems from the insured person's ownership equity in productive property, lent the payment of eem-'s Sen ieil Security tax entitles him to no more ownership equity in property ihem docs the payment of a liquor tux. tobacco lax, gaso line tax, income teix. property tax, sales tux. luxury tax. poll tax. or anv other kind of lax. The payment ol So, ial Security leixi-s cannot endow the payers ol that teix with special rights and priv ileges without denying the rights "I other citizens to their income und property. POLITICALLY DEPENDENT Unlike private insurance, the protection afforded by the Soeieil Security program rests upon the willingness and ability of government officials to authorize future appropriations from future tax revenue. The so-called Soeieil Security fund bus not been invested in pie,elm live properly. In place of the lo go inlo monev which weis collected TIie~Fuiid. there ure receipts saving in ef- fe-e i that the in"eminent used lhat money to meet current operating expenses ol one kind or another. The governmenl nuary, 1956 TToTiiTs which are said Fo constitute a Social Security fund eun only be redeemed in valuable good- or services as anv other governmenl bonds are redeemed bv future levies uguinst the private- property eunl productive efforts of individuals. Who can say now what the real xeili.*- of a government bond will be t" the next generation of taxpayers who may be asked to redeem it in goods and sen ices? A bond is a form of indebtedness or a liability on tin- pari .ef the- person who issues it. li i- deemed in l„- the asset "f the person who holds il for redemption. The distinction between nil ussct und ee liability is important, flic governmenl bond- held iii the- So, ieil Security fund may look exactly like' thc government I I- held by individuals or by private insurance companies. Ihe difference between such holdings has to do with the Page 23 fs n g I
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