Show WE PAY FOR ANOTHER BONEHEAD When we wo started recently taking out 3 per cent instead of 2 2 per cent of each salary paid for Social Security we wo didn't mind a bit The fact that we add our own 3 per percent percent cent and then send the total 6 per cent to the Government Seemed d quite all right It was for a good cause and in ine lino e with th rising prices I i t v Consequently it was a rude and unpleasant shock to learn this week from the Utah Foundation something w which Uch we undoubtedly should have known all along These payments are not for retirement of our workers but butt ut for current obligations to those already receiving benefits benefits J T The e Foundation study notes that no reserves are being accumulated from present Social Security taxes on the covered working force which would help meet the cost of future benefits On the contrary total current cur cure rent collections from all present wor workers er and their employers employers em em- during the past few years have not even been sufficient to pay present benefits to those ose already retired or otherwise eligible for Social Security benefits i J During the 1959 fiscal year total current receipts taxes plus interest amounted to 81 8 million O SI expenditures benefits plus administrative costs tot totaled led 94 billion As a result the balance in the trust fund was seduced reduced by 13 billion during the fiscal year Application of the new rates this year however is calculated to bring current revenue in balance with cur cur- curf current f Trent rent t expenditures at least temporarily One of the major problems in the program according to the Foundation has been the propensity of C Congress especially during election lection years to 10 extend coverage coverage cover cove ag age and increase benefits without taking proper cognizance of the full effect that such actions will have havee on future costs Major liberalizations in the program occur- occur redin 1950 1952 1954 1956 and 1958 this seems to us to be just jus one mo more e example of what happens hap ens when we the taxpayers sit idly and stupidly back and let our duly elected representatives make our OUT decisions for us Inevitable we end up by paying and paying g and payi paying Through the nose I |