The coastland times. [volume] (Mnateo [i.e. Manteo], N.C.) 1947-1959, 1953-01-23
MORE ABOUT SOCIAL SECURITY.
BY Dewitt Emery, president of the National Small
Business Mems Association.


phase of the Social Security set-up which badly
need of correction is the the is handedthe
money which is deducted from pay and mind and the
remances employers make for us in addition to what
we pay
AS it is now, the net effect of sending this money to
Washington is increase the national debt submit that
there isn't security for you or me or anyone else IN
debt-publc or private.
1t may be hard for you to believe that your govern
ment which supposed to be the essence OF honor
and integrity would force you to buy an old age pension
whether you want not then spend the money it col
ects from you and your employer leaving nothing with
which pay your claim when it becomes due, except
Treasury Department O. Ubut that's exactly how it is
Here's how it works The money deducted from your
pay plus equal amount paid by your employer re-
mitted to Washington, is deposited in the general fund
of the Treasury and is used to pay the daytoday operat
ing expenses of the Federal Government In other words
the money which supposed to provide pension for your
Once wear Congress approprates for the Social Sc
cury Board whatever amount the Board says necessary
next year The difference between what Congress apropr
ates for the Board and the total amount of Social Security
collections for that added to the Social Security
Reserve Fund By way of easyunderstood Illustration
let that last year Social Security collections to-
tailed $5 billion and that the appropriation for the Board
for the year SIS billion This would leave 81 bill
lion be added to the Reserve Right there where the
increase in the national debt comes in brand-new spec
al bond is issued to the Social Security Board
for 81 billion and the national debt increased by that
amount.
These special government bonds are non-negotiable,
cannot be sold the market only be redeemed
by the Treasury and the only In which the Treasury
get the money to redeem these bonds by having
Yes everyone would have to pay these taxes including
those who have already paid for their old pensions
words of one syllable this paying twice for
benefit But you say that's crooked that's fraud and
exactly 100 percent right is the biggest fraud
put unsuspecting people
What's the answer? How this condition be correct
ed and Social Security made honest agency AS see it.
the remedy is very simple
First take Social Security out of the Federal Security
Agency and make independent agency Second have
all Social Security Funds RENTED directly to the Social
Security Board Third the Board would pay its operating
expenses and current benefits out of these funds and then
invest what is left for the Reserve Fund negotiable
government bonds bought in the open market.
All private insurance companies in the country have
part of their funds invested in bonds
The Social Security Board under this plan would invest
its Reserve Fund in exactly the same kind of government
bonds There would not be any increase in the national
debt involved because the Board would be buying bonds
which had already been issued and when the Board needed
to cash bonds all would have to do would be to sell
them in the open market just any bank insurance
company does when funds required
Handling the Social Security setup in this way would
eliminate the fraud and make Social Security the honest
agency it very definitely should be-