Word: funds
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Dates: during 1930-1939
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These fellowships are for students, preferably in their last year of undergraduate work or just beginning their graduate work, who desire and are fitted for a year of study in England. The fund was established in "the earnest hope and desire of cementing the bonds of friendship between the British Empire and the United States...
...that there is no such mathematical certainty about unemployment, that it cannot, properly speaking, be insured against; that all men can do is save money ("create reserves") for the rainy day of unemployment and then spend it. The difference is that if unemployment can be insured against, the insurance fund can theoretically guarantee to provide relief for the unemployed no matter how long they are out of work, can justifiably proceed to borrow money when its funds run out on the assumption that it can pay back its debt during the long period of employment that will "inevitably" follow...
This is virtually what has happened in Britain during Depression. The British unemployment fund, established in 1912, piled up a ?21,000,000 surplus by 1920. The depression that followed wiped out the surplus and created a ?15,000,000 deficit. That depression was safely weathered and the fund sailed along on a fairly even keel until depression again struck in 1928. The fund tried to provide relief for most of England's unemployed and by 1932 it was ?115,000,000 in debt to the Government. Then England revised her plan, separated relief from unemployment, limited unemployment benefits...
...were a savings account and when the account is empty payments stop. Different as the plans sound they do not work out that way in practice. When England put a new insurance law in force last summer, she made the Government responsible for relief. To keep the insurance fund solvent its payments to any one man are limited to about 26 weeks (on a sliding scale) in any one year and the number of weeks he gets benefits decreases as time goes on. Under the blueprint Ohio plan benefit payments were limited to 16 weeks in any one year. Wisconsin...
Thus in practice all "insurance" plans have much in common. In England the premium paid to the insurance fund is 2s 6d (60?) per week for adult men; in Wisconsin it is 2% of payrolls. In Ohio 3% was proposed. When a man becomes unemployed there is a "waiting period" before benefits begin: in England six days; in Wisconsin two weeks; under the Ohio plan three weeks. Then the unemployed, having registered at an official employment office, begin to draw benefits: in England 15s 3d ($3.81) per week; in Wisconsin 50% of weekly wages but not less than...