Word: oasis
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Dates: during 1950-1959
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...council's arithmetic, the future bite schedule enacted by Congress last year-providing for a gradual increase to 4½% of the first $4,800 of income by 1969-"makes adequate provision" for estimated future payments. This year OASI will pay out $9.7 billion, around $1 billion more than it takes in, but it will still have nearly $21 billion in the kitty, and from 1960 on, income is expected to exceed outgo "every year for many years into the future." The advisory council's real worry is that creeping inflation might make the payments worth disappointingly little...
...their troubles with the Old Age and Survivors Insurance system, the Amish are victims of the irreversible bloat that seems to afflict social-welfare plans. From modest beginnings in 1937, when it applied only to regular employees and nicked only 1% from their paychecks, OASI has expanded in both coverage and bite. Once Congress extended the system to farmers four years ago, it was plainly necessary for the Federal Government to make the Amish pay up: laws must apply to all alike. But the plight of the Amish was a footnote reminder that the welfare state has its victims...
Throughout the whole editorial, the impression is created that in some sense or other, the present social security system is an insurance system under which benefits have been bought and paid for. Apparently the editors of the CRIMSON do not know that under the present OASI system the individual has no contract with the United States Government as would be necessary if this were a bona fide insurance system. Former Commissioner Altmeyer admitted this in the recent hearings conducted by the Social Security Subcommittee of the House Ways and Means Committee. Thus, the present system is already one which...
...Finance OASI benefits on a pay-as-you-go basis so that we can all see the true cost of social security in terms we can understand. Incidentally, some official coal estimates show that the present system is already almost on a pay-as-you-go basis. W. Glenn Campbell, Economist, Chamber of Commerce of the United States, Washington...
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