Word: morgenthau
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Dates: during 1930-1939
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...Public, recommended that in order to hold down the reserve, Social Security call a temporary halt to rate increases, begin payments of full benefits in 1940 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...
This would amount to putting Social Security largely on a collect-as-you-pay basis. Henry Morgenthau warned that the change may well mean higher payroll taxes than those now planned to peak at 3% each on employes and employers in 1949. To even matters up he took another suggestion of the Advisory Council, advised that at some future date the U. S. Government should share the burden with employers and employes; that is, meet part of the expense by indirect rather than direct taxes on prospective beneficiaries...
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...
...usual when the golden tide laps high on U. S. shores, reporters went to see Secretary of the Treasury Morgenthau. As usual, he pooh-poohed the idea of inflation. But though he said the gold was not affecting U. S. economy, it was amply clear that the continued European crisis was. Markets were nervous. Businessmen cut their buying for the future so low that three new indexes of inventories published by the National Industrial Conference Board touched the lowest point since May 1937. Most cheerful fact of the week (to businessmen): the sales ratio of twin beds to double beds...