Word: funds
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Dates: during 1930-1939
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...saves for his old age, borrows from his savings to meet current expenses, and fills his hope chest with notes payable by himself to himself. Up to the first of this year, they had laid by $1,131,000,000 in Social Security's old age reserve fund which invested it in the people's own promises to pay (U. S. bonds and Treasury notes...
...instead of 1942, and extend them to more people. Last week, in a report to the House Ways & Means Committee, Henry Morgenthau said nothing about speeding up payments. But he did approve another suggestion: to give up the idea of "full reserve" and substitute a much smaller "contingency fund...
...President in press conference suggested that $2,500,000,000 to $3,000,000,000 should be enough for the new contingency fund. Henry Morgenthau, foreseeing that the total will vary, guessed it ought to reach...
Since he did not propose increasing at once the amounts paid out for old age benefits, Mr. Morgenthau had to take the one other method of keeping the reserve fund down. Granting that payroll taxes might be slowing Recovery, he proposed either to reduce the rate of increase in old-age levies (scheduled to rise next January from 1% to 1½% on employers and employes), or to postpone any increase at all until 1943. That seemed just as pleasing to Congress, just as appeasing to business, as correcting a bad boner in the Social Security...
...also suggested that control of the fund be shifted from the Treasury to a "trusteeship" composed of the chairman of the Social Security Board and the Secretaries of Labor and the Treasury...