Show Social Security Up FT ItI 1 r r Wage earners and other who found that their Social Security tax rate was was boosted from rom 2 21 to 3 on the first of the year maybe may mayI mayhe I I he be shocked to learn that these payments are not notI for or their own 11 retirement but rather to meet I h f the current obligations to those already receive receiving frig big benefits This was disclosed in a report released by Utah Foundation the private governmental research research re reo search organization The Foundation study notes that no reserves arc pre being accumulated from present Social Se Se- Security Security curdy taxes on the covered working force olce which would help meet the cost of oC future benefits On the contrary total current collections collect lions from all present workers and their employers employ employ- ers during the past few years ears have not even cven been sufficient to pay present benefits to those already retired or otherwise eligible for Social Security benefits During the 1959 fiscal year total current receipts taxes plus interest amounted to 81 billion expenditures benefits l plus lus administrative costs totaled 94 billion As a result the balance in the trust fund was reduced b by 13 billion during the last Jast fiscal year ear Application of the new rates this year however is calculated to bring mg current revenue in balance with current expenditures at least temporarily Utah Foundation analysis report that the accrued liability of 01 the OAS fund Cund to all individuals individuals individuals indi indi- covered by the Social Security program both retired and ana an working for their then past service is somewhere between 5 1 billion and billion billion billion bil bil- lion depending on whose estimate is used Against this liability the total assets is the trust fund on October 31 1959 amounted to only billion One of the major problems is the program program pro pro- gram glam according to the Foundation has been the propensity of 01 Congress especially during election years ears to extend coverage and increase without taking proper of or orthe the full run effect that such actions will have on future costs Major liberalizations in the program occurred in 1950 1952 1954 1951 1956 and 1958 1956 The Foundation study points out that the portion of oC the obligations either billion or billion is approximately equal to two times the total Federal debt which stood at 2908 billion at the close of oC 1959 It is also equal to between 2933 and for every woman and child in the United States Slates depending depending depending depend depend- ing whether one takes the low or the high estimate estimate esti esti- mate of accrued liability |