Social Security faces growing funding gap and reform calls
The editorial argues that Social Security's financing problem is growing as benefits rise faster than payroll tax income. It notes upcoming 1980 and 1981 increases, mounting costs from Medicare and Medicaid, and a worsening retiree-to-worker ratio. A solution favored is separating medical programs from payroll funding, shifting them to general taxes, with reform hearings in 1980.
MENTIONED IN THIS ARTICLE
U.S
Advisory Council On Social Security
Congress
Gold price surge shocks many experts
AP analysis traces gold's leap from sub $40 in 1970 to around $630 in 1980 driven by economic and political turmoil. It notes buyers seeking security, store of value, and medium of exchange as currencies dilute and inflation grows. Speculators and industrial users also influence prices amid global instability.
MENTIONED IN THIS ARTICLE
John Cunniff
New York
London
Zurich
Today in history January 8 1980 overview and events
A compact retrospective lists key historical milestones on January 8 including Jackson’s 1815 Battle of New Orleans victory, Galileo's death in 1642, Wilson’s 14 points in 1918, France’s Ruhr occupation in 1923, de Gaulle’s 1959 presidency, Chou En-lai’s 1976 death, and Iran rioting a year ago. It notes birthdays for David Bowie and Thomas Watson and mentions Sweden's Gota canal as a major European waterway.
MENTIONED IN THIS ARTICLE
Associated Press
Andrew Jackson
New Orleans
Galileo
Woodrow Wilson
France
Germany
Ruhr
Charles de Gaulle
Chou En-lai
United States
China
Warsaw
John Sirica
John Dean
Herbert Kalmbach
Jeb Stuart Magruder
David Bowie
Thomas Watson
H.W. Beecher
Gold's value rest on currencies not metal itself
The Times and subsequent notes argue that gold’s staying power results from currency value, not intrinsic metal worth. Since 1900 the real value in a worker’s pay equates to roughly half an ounce of gold weekly, yet rising gold prices reflect weaker currencies, especially the dollar, rather than increased gold value.
MENTIONED IN THIS ARTICLE
Times of London
U.S
Earth
Gold price surge shifts world roles in bullion supply
Analysis shows South Africa remains the main gold producer in 1979 with 22 to 23 million ounces, while Soviet output is uncertain. Prices have jumped past $500 per ounce, driven by Middle East demand and dollar concerns, with gold gaining as a global monetary standard under historical influence.
MENTIONED IN THIS ARTICLE
South Africa
Soviet Union
United States
Canada
U.S
Mideast
Treasury
Fort Knox Board
Food price sizzle and a pipeline waste scandal in 1970s America
Washington report details a surge in staple prices led by coffee and milk while beef climbed sharply, followed by a nine month profit surge for major grocery chains. It cites white house documents showing many firms exceeded voluntary guidelines and explains the gross margin standard fueling higher prices. The piece then critiques the Strategic Petroleum Reserve and Alaska pipeline boondoggles, naming Banister Continental and Parsons Gilbane as key players amid fraud and overruns.
MENTIONED IN THIS ARTICLE
Jack Anderson
Washington
Carter
White House
Tony Capaccio
United States
Middle East
Congress
Banister Continental
Edmonton
Canada
Ralph M. Parsons Co
Pasadena
Calif
Alaska
Banister
Parsons
Louisiana
Weeks Island
St. James
Gilbane Construction Co
Providence
R.I
House Subcommittee On Energy and Power
Parsons-Gilbane
Oscar Bowling
FBI
U.S
Baton Rouge
Also Mentioned on This Page
Social Security
BUNCO
Mount Rushmore
Europe
Sweden
Stockholm
Baltic Sea
Goteborg
Baltic
Donald F. Graff
Merray
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