Readings in Social Security

By William Haber; Wilbur J. Cohen | Go to book overview

CHAPTER VIII
ECONOMIC AND FINANCIAL ASPECTS
OF SOCIAL SECURITY

"To look to individual employers for maintenance of demand and full employment is absurd. These things are not within the power of employers. They must therefore be undertaken by the State, under the supervision and pressure of democracy, applied through the Parliament men."

Beveridge, FULL EMPLOYMENT IN A FREE SOCIETY. New York: W. W. Norton & Co., 1945, p. 16.

"In the last analysis the security of the individual depends upon the success of industry and agriculture in producing an increasing flow of goods and services. The very success of the economy in making progress, while creating opportunities, also increases risks. Hence, the more progressive the economy, the greater is the need for protection against economic hazards. This protection should be made available on terms which reinforce the interest of the individual in helping himself. A properly designed social security system will reinforce the drive of the individual toward greater production and greater efficiency and will make for an environment conducive to the maximum of economic progress."

OLD AGE: AND SURVIVORS INSURANCE, A Report to the Senate Committee on Finance, Advisory Council on Social Security, APRIL, 1948. p. 1.


INTRODUCTION

TOTAL DISBURSEMENTS, Federal, state, and local, in all programs in the Social Security Act, amounted to nearly $3 billion in 1946. If all public social security programs in the broad sense, including pensions to veterans and their dependents and governmental retirement and similar plans, are included, the total amounts to $6.8 billion. Including estimated payments under private retirement and insurance policies and plans, union health and welfare plans, and voluntary

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