Indianapolis Times, Indianapolis, Marion County, 16 December 1938 — Page 18

AGE 18

THE INDIANAPOLIS TIMES

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: FRIDAY, "DEC. 16, 1038

Social Security Probers Expected to Urge Earlier Benefits and Lower Reserve

WASHINGTON, Dec. 16 (U. P.) .— Senator Arthur H. Vandenberg, (R.

: Mich), said today Congress should

immediately amend the Social Security Act to stop prospective in- ~ creases in payroll taxes, if the A

visory Council on Social Security

recommends a reduction of the huge ~ reserve fund. © He said the report should “end all ~ pretense that full reserve is neces-

sary in connection with a Govern-

gZlof persons representing

that investment of the reserve in Government securities would jeopardize the foundation of the pension system.

The Advisory Council, composed industry,

labor and the public, made a twoyear study of the Social Security system. Its report was said to include: 1. Increase of benefits in the early operations of the law.

security and taxes should be instituted by Jan. 1, 1940 to cover farm laborers and domestic employees. 3. Payment of old-age benefits should be: started Jan. 1, 1940, instead of 1942, as now provided. Other important: changes also were recommended, it was understood. “The important thing,” Senator Vandenberg said, “is ‘that thes¢ impartial experts, representing all pafties in interest, have declared

never was any excuse for the full reserve except the Secretary of the

mate cost, it simply realities.

General taxes would have

frankly fac {had to pay the interest on the full

€|reserve and thus would have paid at

Treasury’s frank statement, when it went into the law-at his behest, that he wanted it to help general Treasury financing. It is not essential to the validity of the old-age benefits.

“The Advisory Council simply confirms. the testimony of the 70

670 OF 911 ON SHIP GERMAN REFUGEES

HOBOKEN, N. J, Dec. 16 (U. P.). —Of the 911 passengers abroad the Holland-America liner Nieum Amsterdam when it docked, 670 were

least one-third of the cost anyway. “By abandoning the full reserve

and substituting a direct appropriation, general taxes simply pay in the open what they would have had to pay under disguise; but meanwhile payroll taxes are ultimately relieved of the awful burden of creating the full reserve itself. This

doliars total contemplated mn the act as it now stands.

Senator Vandenberg’s remarks The council's report will embrace 12 divisions, embodying its recom-

a A Cog mendations | on President Roosevelt's to President Roosevelt. It probably Suggestions for Hberalizing the ach will go to the Chief Executive next week. The council, headed by Prof. Douglas Brown, professor of political science at Princeton Univers-

the Social Security Act will be on infinitely firmer foundations”

ZERO SMITH IS ENROLLED :

TUSCALOOSA, Ala.,| Dec. 16 (u. P.).—A University of Alabama student who entered college this fall

leading

life insurance presidents

spells constructive progress.

ity, is not expected to recommend

had two strikes against him before

refugees from Germany. Line officials said the group was the largest to arrive on a single ship in recent months.

against the full reserve, which would needlessly take at least 40 billion dollars out bf America’s pay envelope between now and 1980. There

he started school as far as his chances of making good grades are

whose unanimous verdict I presented to the Senate one year ago. When the council suggests that general taxes bear one-third of the ulti-

~ ment old-age pension system.” “Now if a contingent reserve can : Under existing law the reserve . would build up to approximately

45 billion dollars and critics contend

2. Approximatel y2,800, 000 employees of religious, chairtable, educational * institutions and organizations should be covered by sécial

dissolution of the old-age reserve be adequately earmarked or other-|funds authorized in the Security wise protected against absorption Act, but may recommend that its{concerned. His name was Zero into current Treasury expenditures, Size be kept far below the 47 billion Smith of Birmingham.

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