Word: socialism
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Dates: during 1950-1959
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...million U.S. workers-nine out of every ten-1959's first pay envelope was a little slimmer than 1959's last one. Reason: the social security nibble, which started out at 1% of the first $3,000 of pay back in 1937, increased at year's beginning from 2½% of the first $4,200 of pay to 2¼% of the first $4,800 (up $25.50 to $120 a year for a worker who makes $4,800 a year or more). But when 1959's first social security checks go out in the mail, they...
...enormous social security fund (current reserves: $22 billion) really secure between the time the wage earner is nibbled and the time he begins to get his payments? Yes, reported a Congress-created advisory council on social security financing, a panel of 13 businessmen, labor leaders, university professors and insurance actuaries. Their summary: the financing of the Old Age and Survivors' Insurance system is "sound, practical and appropriate...
...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 by the time a young wage earner gets around to harvesting his share at age 65. "The social security system," warned the council, "has created for millions of Americans expectations regarding their future place in economic society. The defeat of beneficiaries' expectations through inflation would gravely imperil the stability of our social, political and economic institutions...
...afford another round of inflation. De Gaulle's solution to this economic Chinese puzzle was to devise a 1959 budget that increased government investment by almost $500 million, yet sliced the anticipated deficit from $2.5 billion to $1.2 billion. The trick: a massive slash in government subsidies and social benefits, accompanied by a $625 million increase in taxes...
...manufacturers would be exposed to so much foreign competition that it would be difficult for them to raise prices. Had these measures of "truth and severity" been proposed by anyone but De Gaulle, France would surely have been in for a vicious round of strikes, profiteering and social unrest. De Gaulle himself, despite his prestige, probably could not have dared subject them to parliamentary debate. As it was, the prevailing French response seemed to be one of pained resignation rather than revolt. In France's mood of renewed national pride, and of reluctant awareness of peril, Paris...