Word: pay-as-you-go
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...concept to social insurance, but even worse he creates the impression that this social insurance system is not financially sound. The truth is that it is fully self-sustaining for all time to come. This allegation comes with singular ill-grace from a spokesman for a so-called pay-as-you-go plan which of course would completely abolish any long-range financing and make benefits dependent upon year to year appropriations...
...large social-security trust fund. Instead, it wants a revolving fund large enough to safely handle current payments. Under pay-as-you-go, the rate of contributions by workers and employers would be periodically adjusted to bring in what the Government has to pay out in benefits. Labor unions oppose pay-as-you-go; they believe that businessmen want it only because it would lighten their social-security taxes for years, at least until benefits exceed income. Eventually, under pay-as-you-go, the contributions tax by both employer and employee might go to 4% or more to cover benefits...
...pay-as-you-go would spotlight the actual cost of social security and would stop the Government from using social-security taxes to pay other Government bills. It would also lessen the danger that the social-security program, under political pressure, might degenerate into an overliberal program of Ham & Egg handouts from a big trust fund already piled up. The big virtue of pay-as-you-go is that if any pressure group tried to change social-security benefits to its advantage, the added tax would show at once...
Economist Beardsley Ruml, who fathered the pay-as-you-go tax plan adopted by Congress in 1943, is having less success with his Ruml Plan to balance the budget by bookkeeping tricks such as taking public works and commodity inventories out of the current expense budget and treating them as capital assets (TIME...
When Manhattan Tax Expert Beardsley Ruml went to Washington eleven years ago to suggest some drastic revisions in the U.S. tax system. Congress eventually was impressed with one of his ideas; it adopted Ruml's pay-as-you-go income-tax system. Last week Ruml came to Washington with a new plan-to balance the budget...