Word: cushioned
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Already, three other nations have faced similar surplus quandaries. Japan restricts excess retirement money to a reserve fund, which boosts the country's savings rate. The Canadian government lends its pension cushion to provinces to support schools and build roads, and Sweden's fund is used to finance mortgages and pay off debt. Lending the money can be a good idea, says Barry Bosworth, a senior fellow at the Brookings Institution, "if the loan goes to develop capital growth and productivity rather than consumption...
...paying higher ((Social Security and Medicare)) payroll taxes than income taxes." The thing to do, argues Robert Myers, chief actuary of the Social Security Administration from 1947 to 1970, is to cut the payroll tax so that the trust fund has no more than a six- to twelve-month cushion. The only problem with that solution: it virtually guarantees that sometime in the future, lawmakers will have to slash retirement benefits or raise taxes sharply...
...Celestine's glass casket was empty, authorities began tailing a couple of strangers who had driven through town. Within two days police followed the pair to the remains, stashed some 40 miles away. The figure of Celestine, still wearing miter and robes, was found lying on its red velvet cushion but concealed in a plywood box crammed into a burial niche in a local cemetery. The miscreants escaped. Back in L'Aquila, the bells rang again, this time in celebration...
...time the Big Green could score on Harvard goalie Kelly Dermody with 2:29 left to play in the half, the junior netminder had a nine-goal cushion...
...nearly $17 million from 75,000 donors, plus $8.5 million in federal matching funds. With money pouring in at a rate of $60,000 a day, Farmer will soon hit the $27.7 million legal ceiling for primary spending. Besides buying Dukakis early credibility, it has given him a critical cushion, allowing him to survive losses in such states as Iowa, Illinois and Michigan and still wage a national campaign. "Money has become the winnowing factor in this race," says Farmer. "It's not that other candidates lose their desire; it's that their pocketbooks...