Word: socialism
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Dates: during 1970-1979
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...kind in history: $227 billion over ten years. As angry workers were reminded when they opened their first paychecks of 1979, the initial boost mandated by the new law took effect New Year's Day. The real impact for many will be felt later in the year, as Social Security payroll deductions that stopped in 1978 when an employee had earned $17,700 continue until he or she reaches $22,900. That person's total tax goes...
Those increases will severely reduce consumer purchasing power, especially for low-and middle-income workers, who often pay more in Social Security than in income taxes. But even that is not all. In theory, employers pay Social Security taxes equal to those levied on their workers. In practice, the public pays the employers' share too, because companies raise prices to pass along the boost. This year's increase may add half a point to the U.S. inflation rate; the bigger rise in 1981 will push prices up much more. Some bosses may also choose to hire fewer workers...
...recently as 1970 to an expected $135 billion this year and almost $250 billion in 1985. Falling birth rates shortly will reduce the supply of new workers available to pay taxes, and people are living longer, thus collecting benefits for many more years than the architects of the Social Security Act of 1935 ever anticipated...
...national 40-hour norm gives other unions a target to follow. Said a spokesman for the Federation of Unions: "A beginning has been made. From now on reduced hours will be a standard demand." That could mean trouble for Europe's strongest economy and the end of the social contract that had produced a quarter century of industrial peace. German labor may be catching the British disease...
...coming of the Warren Court, the roles were reversed. It was legislatures that were resisting reform, and the court that was pushing social change. The landmark of that era was Brown vs. Board of Education (1954), which established that separate was not equal in public schools. The 14th acquired new meaning; judges became guardians of the poor and forgotten. The criminally accused were guaranteed the right to free counsel when indigent, the right to a jury in a felony case, and, with Miranda (1966), the right to be told of their rights before confessing. Free-speech guarantees were widely extended...