Word: coalbin
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Dates: during 1938-1938
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...flaw critics have pointed out in the Act is its scheme for a full reserve for old-age insurance to be built up during a long period while revenues from taxes on employers and employes exceed disbursements. By 1980 this vast coalbin is scheduled to hold a reserve of $47,000,000,000. The effect of locking up $47,000,000,000 of public purchasing power would be highly deflationary. Actually, the money is not being locked up but lent to the Government. This means that by 1980 the Government will owe the Social Security Reserve 21% more than...
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