| Show WE PAY FOR ANOTHER BONEHEAD h When we wo started recently taking out 3 per cent Instead of 2 per cent of each cach salary paid for Social Security we wo didn't mind a bit The Tho fact that we add our own 3 per percent percent cent and then send the total 6 per cent to the Government seemed quite all right It was for a good cause and in ini ine inline i e line with rising prices Consequently it was a rude and unpleasant shock to learn this week from the tho Utah Foundation something Jn which we undoubtedly should have known all along These payments are not for or retirement of our workers but for current obligations to those already receiving benefits Tho The Foundation study notes that no reserves art are being accumulated from present Social Security taxes on the covered working force which would help m meet t the tho cost of future benefits On the contrary total cur current rent collections from all present workers and their employers employers em during the past few years have not even b been etl sufficient to pay present benefits to those already retired or otherwise eligible for Social Security benefits During the 1959 fiscal year total cu current rent OA receipts taxes plus interest to 81 1 million expenditures benefits plu pl plug administrative ad Uve costs totaled 94 billion bUlion As a e balance in the y trust fund was reduced by 13 billion during the fiscal 1 year Application of the nd w rates this year however is v l calculated to o bring current revenue in balance with cur J r rent expenditures at One of the major problems problem in the program according to the Foundation has been the propensity of Congress especially during election years to extend coverage coverage cover age and increase benefits without taking proper poper cognizance I 1 of the full effect that ouch such actions will have on future costs Maj Major r liberalizations in the c program occurred occurred occur occur- red in 1950 1952 1954 1956 and 1958 This seems to be just example of what h t happens when we the taxpayers taxpayers- rs sif idly and stupidly back and d let our duly elect d I representatives make ninko oUr our decisions ons for us Ih Inevitable we we end upp up up-by up b by paying and paying g and paying Through the nose 1 |
