Kingsport Times Newspaper Archives Oct 14 1953, Page 18

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Kingsport Times (Newspaper) - October 14, 1953, Kingsport, Tennessee18 wednesday oct. 14, 1953 Kingsport times administration studies different Way of financing social Security by Charles f. Barrett Washington Congress and the Eisenhower administration Are mulling Over a different of financing the vast social Security retirement program. 1 the idea under study so Basic it could alter the whole complexion of the government s pro Gram for the aged is called pay As you under this system Congress or the administration would Esti mate the Cost of social Security benefits to be paid each year and then Levy a tax to pay the Bill. As rep. Curtis a neb once put it when the year closes nothing is owed and nothing is tax rates and Benefit Levels might vary from year to year depending on economic conditions the number of persons reaching retirement age the attitude of Congress and so on. Or Benefit Levels could be held constant with taxes varying to produce whatever Revenue is needed. This plan contrasts sharply with the concept on which the social Security program has been operating for the past 18 years. The present system contemplated that relatively few per sons would qualify for benefits in the first 20 to 30 years but that eventually the number would be several times greater than now. So it attempts to strike far in Advance an average tax level needed to finance the program on a permanent basis. Thus the plan Calls for tax income to exceed payments greatly in the Early years with this surplus piling up a Reserve called the Trust later when the steadily in creasing payments Rise above tax income interest on the Trust fund is expected to Bridge the Gap and keep the program sol vent. Theoretically the tax rate the Trust fund and the level of Bene j fits eventually would remain Al a most constant. Actually to avoid too sudden an Impact the taxi rate is stepped up at five year intervals until it reaches per cent of payrolls in 1970. Congress was expected to make minor adjustments As needs de eloped. But the theory at least called for a permanent and Happy state of equilibrium extending Well beyond the year 2000. If a Lead year Cut into the Trust fund a Good year would build it Back. Here Are some of the arguments pro and con which May be aired with considerable heat in Congress i supporters of the present sys Tern say its biggest asset is that j interest from the Trust fund will help keep taxes Down when the program reaches full costs. J they argue pay As you would produce violent ups and Downs depending on the political i complexion of Congers with aged people never knowing what to expect from one year to the next. Even if constant benefits Are attempted they contend the tax rate would be prohibitive during Adverse years with Large numbers of workers unemployed and not contributing costs would be greater than nor Mal and there would be no re serve to fall Back on. I critics say the Trust fund concept attempts the impossible by. Trying to estimate now such things As the number of births and deaths and economic conditions in 2050. They insist political Tempta-1 Tion will be too great and the Trust fund will be raised to pro vide bigger benefits for current voters thus committing the government to a program it won t be Able to sustain in the future. Worker 80, Dies Short of his goal Detroit up eighty year old j. B. Wainwright a retired construction worker will never realize a lifelong ambition to get his High school diploma. He suffered a heart attack and died while attending class at Miller High school Here where he was a 10th Grade student. Wainwright formerly of Clarksville tenn., had Only a Grade school e education when he moved to Detroit in 1923. Old age forced his retirement As a labourer in 1947. Since that time Wainwright had worked during the Day As a janitor going to school at night. He had no known relatives. Parks makes movie Hollywood Larry Parks is coming Back to Colum Bia studios to make a picture for the first time since his Testi Mony before the House in i american activities committee that he had once been a communist brought his movie career to an abrupt halt. He will make a to film for an Independent i producer at the studio. Red is relieved Vienna Austria Carol Lonear Romania s minister for metallurgical production has been relieved of his office the Bucharest radio said today. Giving no reason it said he would be assigned to other tasks. Two More girls enter waitress Competition Here two additional contestants have entered the District wait Ress contest to be held thurs Day at 8 p. M. At the Civie auditorium. They Are miss Lois Perry of Mack Ray s cafeteria and miss Mae Williams of Melody Lane restaurant in Johnson City. Contestants were announced tuesday by mrs. Edna Kalogeros of Martin s Grill general chair Man. Others previously announced Are mrs. Elsie Stafford of the Kingsport inn and mrs. Velma Pennington of Martin s Grill. A dance will be held following the contest at the civic auditorium with Sammy Devault s or Chestra furnishing the music. Tickets will be free and May be obtained from any restaurant that is a member of the restau rant association. Polio in key West key West Fla. The Navy has closed its movies and swimming pools in a move to Check the spread of polio. Mon Roe county has reported its 45th Case of the year. Real estate Loans to build v to refinance to buy lowest interest minimum Cost Best terms compare our Complete loan Morrice no coat or obligation. Kingsport gardens Branch of Telephone 2800 1457 Bristol Highway Ike s birthday cake Hershey a. Birth Day cake at president Eisen Hower s birthday party at the White House today is a Graham Cracker cake with a Caramel icing. It was baked by miss Elizabeth Mawhinney of Glenside a. Her cake was chosen by lot 800 entries in a statewide contest at the Mammoth Celebration held Here last night in the presi Dent s Honor. As her award she will get a All expense paid trip to Washingtont she will been pertained at the White House for Tea with mrs. Eisenhower. Pope dedicates College in Rome Rome Pius Xii in an unprecedented trip to Rome from his summer Resi Dence at Castel Gandolfo today dedicated the new pontifical North american col lege building. The greatest assemblage of american Catholic clergy Here since the War attended the Cere monies at which the pontiff spoke in English. Among them were Samuel Cardinal Stritch of Chicago 111., Edward Cardinal Mooney of de Gas explosion kills ii miners Puertollano Spain a Gas explosion caused the Cen trial Tunnel of a slate mine to collapse tuesday killing 11 min ers and injuring 28 others. Three workers were missing in the Cave in. Four of the injured were in serious condition. Belongs to state controlled company Calvo Sotelo. Troit mich., Francis Cardinal Spellman of new York nine archbishops and 23 Bishops. I neighbor were new in Kingsport but old in satisfaction so. When it s a matter of an to personal loan by our office or phone and Well Hove your Cash ready for you. A a endorsement company 111 w. Market St. _ Aerow from yellow cab times news classified ads get results new brightness new hardness i new convenience new Economy 1 it s for you. Johnson s hard gloss Glo coat puts on the brightest hardest polish you be Ever walked on its hardness does t scuff up even after weeks of Wear. Its brightness does t fade even when you clean it again and again with a Damp mop. Doing All your floors the new and better Way with hard gloss Glo coat. Buy big and save a gallon can gives you 4 quarts for the Price of 3. Similar Savinon on the half gallon. Johnson s new

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