Word: socialized
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Dates: during 1970-1979
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...media. The tacticians of those movements, dealing with fateful and fundamental issues, could plausibly justify using every available technique, including civil defiance. The trouble is that not only the techniques but the fervid spirit of the rights and antiwar movements are being adopted for general application in almost all social and political controversies. Some groups of Long Island residents howled and demonstrated effectively for a while against the Concorde's landing in New York as if it were a fresh incursion into Cambodia. In North Carolina, where wets and dries fuss interminably over the issue of legalizing liquor...
...three institutions are sacred in America, they are motherhood, baseball and Social Security. Any critic of the geometric rise of Social Security payouts is looked upon as a reactionary who would condemn the aged and disabled, the widows and orphans to a life of impecunity on a diet of Alpo. Yet the most articulate critic of this increasingly straitened pension system hardly looks or sounds like a modern Marie Antoinette...
...surest way to raise living standards and create jobs, Feldstein argues, would be to increase investment in factories and machines, in automation and modernization. To do that, America needs more savings and capital formation -and, Feldstein continues, the biggest impediment to that is Social Security...
Americans do not save much-only 5% or so of their incomes-because they figure that those monthly Government checks will nicely take care of their old age. When Johnny Bluecollar retires now, Social Security benefits for himself and his aged wife average nearly 85% of his peak after-tax earnings...
Trouble is, Social Security does not add to the nation's savings, which might be lent out to build factories, expand old plants, allow new businesses to start and create wealth...