Show Another Name 1 t For Socialism There is coming to be a widespread feeling that social security benefits and taxes are getting out of hand Taxes on payrolls will soon be passing ten per cent of a continually contin- contin king level of individual income For many people social security taxes are higher than income taxes THE OBLIGATION OF THE government to pay benefits for which reserves are not now in hand is estimated at around billion This mortgage on future taxpayers is expected to rise soon to billion Apparently we are headed in the same direction as European nations where welfare payments take a third or more of national budgets If the trend continues it is hard to see where the private savings will come from that in the past have provided the capital for industrial development Voluntary private Investment has built the great Industries industries industries indus indus- tries of the United States As an example life insurance companies In this country bought million worth of public utility bonds during 1965 By buying life insurance for their own protection US U.S. citizens in turn provided the funds for needed growth in the utility Industry Similar Institutional Investing provided funds for countless other industries In addition millions of individuals have made direct investments in the Industries of their choice choice in In Investments vestments that have been made from savings These investments In Investments investments in- in vestments give meaning to the phrase peoples people's capi capi- capi taUs m. m AS TAXES RISE FOR RISE FOR WHATEVER the purpose the purpose ability of people to invest voluntarily and plan a future on an individual individual individual indi indi- vidual basis diminish By the same token if the day comes when the capital needs of industry cannot be met from private private private vate sources American industry will have no recourse but butto butto butto I to turn to government for capital In the long run It appears that a welfare state is merely merely another nother name for socialism |