Word: billion
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Dates: during 1950-1959
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...enormous social security fund (current reserves: $22 billion) really secure between the time the wage earner is nibbled and the time he begins to get his payments? Yes, reported a Congress-created advisory council on social security financing, a panel of 13 businessmen, labor leaders, university professors and insurance actuaries. Their summary: the financing of the Old Age and Survivors' Insurance system is "sound, practical and appropriate...
...council's arithmetic, the future bite schedule enacted by Congress last year-providing for a gradual increase to 4½% of the first $4,800 of income by 1969-"makes adequate provision" for estimated future payments. This year OASI will pay out $9.7 billion, around $1 billion more than it takes in, but it will still have nearly $21 billion in the kitty, and from 1960 on, income is expected to exceed outgo "every year for many years into the future." The advisory council's real worry is that creeping inflation might make the payments worth disappointingly little...
...surprising thing about the Administration's budget is not that it is not realistic in view of this year's $12 billion deficit, but that in its attempts to cut down expenditures, it has singled out the sectors of the economy closest to home. For instance, with a tight-purse policy the President believes he can save $600 million in housing expeditures, $400 million in agricultural expenditures, and $400 million by ending federal payments to State unemployment compensation programs (this despite the 4 million still unemployed...
...President is optimistic about business recovery; in fact, he is counting on it desperately to raise needed government revenue. In spite of this emerging bull market, however, he is strangely reluctant to take such measures as restoring the cut in the capital gains tax (which cost the government $4 billion in annual revenue) the Administration made four years...
There can be little doubt that Congress will reject the Administration's budget estimate in favor of a higher one, possibly one as high $83 billion. This action will come, not because of any insurgent radicalism on the part of the Democrats, but because Congress has learned that there are more things one can do with money than save it, and this is a sometime good thing. The Administration's efforts to cut down on government expenses are certainly laudable, but in the terms of the sports world, Ike should have learned by now that the object...