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Pastimes : Let's Talk About Our Feelings!!!
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To: The Philosopher who wrote (51298)8/16/1999 7:30:00 PM
From: nihil  Read Replies (1) of 108807
 
Hey, Chris, you really ought to read a little about the Social Security system. As originally conceived by FDR and his committee, OASI was limited to the first few thousand dollars of earned wages and salaries. A 1% tax on each employer and employee. This was to be a nearly "fully funded system" until after WWII it was discovered that if was overfunded and it would be years before anyone would get much out of it. The Republican Congress in 1951 extended it and froze tax rates planning to bankrupt the sysytem against the warnings of the Social Security actuary. In addition, Congress made AFDC apply to single mothers other than widows. Many groups were brought into coverage without making significant contributions. Its a wonderful story of responsible initiation and political corrupt destruction of a workable system.
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