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Social Security
BY
Kate McLaurin
Griffin Social Security Office
Social security’s financial
condition is more of a
problem over the long haul
than in the short-term. The
long-term problem is related
principally to present and
predicted changes in the
nation’s birth patterns al
though increased longevity is
also a factor. There are
fewer babies born per family
today than there used to be.
If this pattern continues, and
the assumption is that it will,
the proportion of elderly in
our population will grow.
Today there are approxi
mately 30 beneficiaries to
every 100 workers, but by the
year 2030 there will be an
estimated 50 beneficiaries
per 100 workers. Thus, the
taxes paid by proportionately
fewer workers will be
supporting a larger benefi
ciary population, and the cost
of the program, expressed as
a percentage of payroll, will
be substantially higher.
Economic factors are also
important over the long haul.
Significantly higher annual
cost-of-living increases in the
short-term, as well as
assumed increases over the
longer period, will have a
pronounced effect on the
long-range financial status of
the program, particularly
when coupled with the
expected population
changes.
The Board of Trustees of
the trust funds, in its major
assumptions about the fu
ture, has found that the
average annual cost of the
program over the next 75
years will exceed revenue by
5.32 percent of taxable
payroll, as the law is
presently written.
The dificit for the first 25 of
these years will be 1.26
percent. It will rise to 4.10
percent for the first quarter
of the next century and then
to a much more serious 10.19
percent for the second
quarter.
In citing these long-range
projections, I think it is
reasonable to emphasize that
the really serious effects will
not be felt for many years
and that there is ample time
for deliberate consideration
of alternative methods of
restoring the long-range
financial soundness of the
program.
One part of the problem is
easy to solve. It turns outs
that the formula providing
the annual cost-of-living
increases is actually more
generous than intended and
has the effect of over
compensating. If the law is
changed to stabilize the
formula so that it properly
compensates for inflation,
but does not over compen
sate, the average annual
deficit over the next 75 years
could be reduced from more
than 5 percent to 3 percent or
less.
This then, is the financial
picture of social security
both at present and in the
future. The current problems
need prompt attention, but
the remedies required are
not drastic. They are almost
certain to be provided next
year. The long-range prob
lems are more difficult, but
in no way unmanageable.
The essential issue in the
financial future of the
program is the attitude of the
nation toward providing for
its elderly, its disabled of all
ages, and surviving depen
dents of deceased workers.
Will the Congress and the
young worker of tomorrow
feel any less obliged to
provide benefits than today’s
Congress and young worker
do? I think not!
The social security pro
gram has done more to keep
people out of poverty than
any other social program in
our history. As noted earlier,
this year alone it will pay
some $72 billion to over 31
million people, and these
beneficiaries include not only
huge members of elderly, but
nearly 5 million young people
as well.
The program of the future
will pay benefits to an even
greater number of millions,
who will, among other things,
constitute, an extraordi
narily powerful bloc of
voters. Thus, as the mothers,
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THE JACKSON PROCRESS-ARGUS, JACKSON, GEORGIA
fathers, grandmothers,
grandfathers, uncles and
aunts of the young—and, in
many cases, as young people
themselves—they not only
will be venerable in the
hearts of their countrymen,
they will also be formidable
politically.
My own judgement is that
the young worker, the
Congress, the nation as a
whole feel and will continue
to feel an unalterable
committment to the elderly
and to the younger benefici
aries, and will see to it
beyond even the smallest
doubt that the social security
program is soundly funded.
I am confident, as the New
York Times has put it, that
“ . . . The Social Security
System seems to have every
THURSDAY, MARCH 18, 1976
prospect of ticking along
indefinitely.”
Gingrich
Announces
Candidacy
Newt Gingrich, assistant
professor of history at West
Georgia College in Carroll
ton, plans to officially
announce his candidacy for
the United State Congress on
Monday, March 22. Gingrich,
a frequent visitor to Butts
County through the past
three years, waged a very
close contest against Repre
sentative John Flynt for
Georgia’s Sixth District seat
two years ago. Gingrich will
be running against Flynt
again this year as a
Republican candidate.
The congressional hopeful
will hold a news conference
for the Atlanta Metropolitan
media Monday morning,
March 22, at the Air Host Inn
of the Atlanta Airport. At
noon on Monday, he will meet
with the local press and
supporters in Griffin. From
Griffin, Gingrich will travel
through Newnan, Douglas
ville and will end his dav in
his hometown of Carrollton,
meeting with the press and
supporters all the way.
POISON
PREVENTION WEEK
MARCH 21-27