Table 4.-Social welfare, health, and security trust fund operations,fiscal years Table 5.-Social insurance tax collec- 1947-48,1948-49, and 1949-50 tions, existingyand proposed legisla- tion, fiscal [years i1947-48, 1948-49, [In millions] and 1949-50 [In millions] Actual, Fund and item 194748 1948-49 1949-50 Estimated ______- Actual ,- Item 194748 Federal old-age and survivors insurance trust fund: 194849 1 1’949-50 Receipts: I Appropriations (equal to Federal insurance contributions).-._---. $1,754 $2,“22 Intercstandother~...... ~~.~....-...... -...~-~-~...---.~~~~~~~. 231 Total _..._...._.. ---_. $4,019 64,147 $7,218 Proposed locislstion extending coverage, raising tax base, and add- ingdisabilitybcnents~~.. _.._...... _...... -...- ______._. 1,700 Old-age and surrivors in- Expenditures (benefit and administrative expenses): surance, total . . .._.... 2,659 2,936 5,727 Existing legislation.-- _____._.. ------._.____.._ --.- ______. 559 656 745 Federal Insurance Con- Proposed legislation . . .._...._... .___._...... -_-_- ______.__.. ---. _ __._.___._ 1, 500 tributions Act: iSet accumulation (including proposed legislation) _.___ -_.-._-- _.... 1,248 1,330 2,141 Existing legislstion... 1,616 1,754 2,420 Total assets of fund as of Juno 30....-.~....-...... ~~~~~~-.-~-~~.... 1 10,047 11,377 13,518 Proposed legislation.. 1,700 Investments in United States securities as of June 30 ______- __..._ ' 9,937 11,267 13,408 Medical care insurance Unemployment trust fund: pay-r011 tax (pro- Receipts: posed) . . .._. -.- . .._._. _ 260 Deposits by States and railroad unemployment taxes----.------. 1,148 991 1,017 Federal employees’ re- Interest...... ~.. _.... --- --.__----...- ______. --.-.-.- ______. 165 181 185 tirement acts I__.__._. 486 693 Proposed legislation extending coverage and improving benefits.-. 230 Carriers Taxing Act.-.. 557 654 Expenditures: State and railroad unemployment withdrawals- ______.. 856 1,020 Unemployment inslx- Proposed legislation- .___.__.... -.-.- ._..._... _.______._. ante, total ._... -.- ._.. 1.360 1,211 1,491 Net accumulation (including proposed legislation). ______._-.. 457 2 Unemployment insur- Total assets of fund as of dune 30 . . ..___._...... ______._._. 18,323 8,794 ance contributions: Investments in United States securities as of June 30 .____._..._._. -. i- ' 8,298 8,769 Federal Unemploy Railroad retirement account: 1 ment Tax Act.-.-.. 229 239 Receipts: Deposits by States $-- 982 998 Transfws from budget accounts - __.____._....______.-...-.-.- -_. 758 565 716 Proposed legislations _ ._..__ 230 Intercstoninvestments~~...... ~.~...... ~..----..---.-.---.---. 62 Railroad Unemploy- Expenditures (benefit payments, salaries, and expenses) ___..._. -... 2% 2:: 317 ment Insurance Act 3w 145 24 Ket accumulation . . . .._...... _.___--.....------.--..-.-... 575 327 461 -I Federal employees’ retirement funds: Receipts: 1 Represents employee and Government contrihu- Salary deductions and transfers from budget accounts ______._. 486 566 693 tions to the civil-service, Canal Zone, and Alaska Interest..--....~....-.--.-~~~.~--..~~~...... ~~~~~~~~~~~~~~~~.~~. 108 120 139 Railroad retirement and disability fund. Expenditures (pnnuities, refunds, and expenses)- _ ..___._._._. _-_-_. 244 274 277 2 State pay-roll tax collections deposited in the un- iXet accuwulatmn . . . . ._____...... - ._...... __._...... --.-... _._--. 350 412 555 employment insurance trust fund. Medical care insurance trust fund (proposed legislation): 3 Represents railroad unemployment insurance Receipts from pay-roll contributions ___....._____..._....---..-.. --. /. 260 contributions shown as a receipt item in the budget Expenditures (benefit payments) _____....______...... -.-.--..-.. --. -,- and the collections deposited by the Railroad Retire- Ketaccumulation . ..__...____ -- ._____ --- .______.. -._--___-- _.._..._. 260 ment Board in the railroad unemployment insurance account of the Federal unemployment trust fund. Source: !I’& Budget ofthe United Sta!es Governmrnt for the Rscol Year Ending June 30, 1950, unless Source: The Budget ofthe United StateaGovernment 2 Adjl?sted far proposed changes in legislation. otherwise noted. for the lKxal Year En&g June SO,1960. current fiscal year and for 1949-59 lation, total benefit payments are ex- million in the current year and $262 they are expected to be $4,147 million pected to increase from $656 million million next year. The assets of the and $7,218 million, respectively (table in 1948-49 to $2,245 million in 1949- fund at the end of the fiscal year 1950 5). For 1949-50 the total includes 50. The anticipated excess of receipts are estimated at $8.8 billion. estimated receipts of $2,190 million over expenditures will make possible Receipts of the proposed medical under proposed legislation, including the acquisition of new securities care insurance trust fund are esti- tax receipts for medical care insur- amounting to $1.3 billion in 1948-49 mated at $260 million in 1949-50. ance. The higher level of taxable and $2.1 billion in 1949-50. The total Present plans call for increased con- wages, expanded coverage, and higher assets of the fund are expected to tributions for this purpose in subse- contribution rates account for the reach $11.4 billion by June 30, 1949, quent years. No outlays for benefits large increase in estimated receipts in and $13.5 billion at the end of the are planned in 1949-50. 1949-50. Federal social insurance fiscal year 1949-50. contributions, as estimated for 1949- The unemployment trust fund is 50, would amount to 13.7 percent of directly affected by the level of eco- Employers, Workers, all Federal budgetary receipts; in nomic activity. The estimates of re- and Wages, Third 1948-49, this ratio was 6.9 percent. ceipts and expenditures submitted in Quarter, 1948 All social insurance benefit pay- the budget for 1950 anticipate con- ments are made directly from the tinued high employment at high The estimated 41 million workers trust funds, which accumulate re- wages. Receipts for the fiscal year with taxable wages from employment serves against future benefit pay- 1948 were $1,313 million; they are covered by old-age and survivors in- ments. It is estimated that the addi- estimated at $1,172 million for the surance in July-September 1948 rep- tional old-age and disability pay-roll current fiscal year and, if the proposed resent a 0.5-percent increase over the tax collections under proposed legis- legislation is enacted, at $1,432million number in April-June. The esti- lation would amount to $1.7 billion, for 1949-50. Expenditures for these mated number of workers employed while the increase in expenditures years are $856 million, $963 million, in covered industries during the quar- would come to $1.5 billion. Under and $1,170 million, respectively. The ter was 42.4 million, or 3.2 percent combined present and proposed legis- net addition to the fund would be $209 larger than the total in the preceding Bulletin, 21 quarter. The difference between when they finish school. Average their contributions if they have had these figures results from the fact taxable wages dropped 7.8 percent less than 10 years of service: before that wages in excess of $3,000 paid during the quarter as a result of the , contributions could be by an employer to an employee in operation of the $3,000 limitation on withdrawn only if the employees had covered employment in any year are taxable wages. During 1948, average less than 5 years of service with the not taxable. Some workers in cov- wages in covered industries reached Federal Government. ered employment in the third quarter $2,040, an increase of 8.4 percent over the 1947 average. Number and amount’ of civil-service had already been paid wages totaling refunds, by specified period, 1940-481 $3,000 by their employers in the first Almost 2.8 million employers re- IIn thousands1 2 quarters of the year. The number ported the payment of taxable wages of workers with taxable wages and during the third quarter of 1948, 5.0 Refunds the number of workers in covered in- percent more than in the third quar- Period ter of 1947 and 1.9 percent more than Number Amount dustries in the third quarter were 2.5 ~--- and 3.7 percent larger, respectively, in the second quarter of 1948. I- I- Calendar year: than in 1947. For the year 1948 as a 1940. . . .._ .___-.-- -____----_ 17.8 whole, covered employment is esti- 1941_....__._...._____ .__._ 32.4 %% Civil- Service Refunds 1942. .._._.__ ._.______.____ 67.3 $357 mated at 50 million, 1.6 percent above 1943..-....---.....---.-.--- 204.3 10,809 1944...-~~.-.-....~~.--~-~~- 42,156 the 1947 figure. More than $70 million in contribu- 1945L.~~..~~-.....-..-~~~~~ E:? 80,992 tions was refunded during 1948 to 1946..- -___....____.-_____ 1, 599.5 238,594 Both average taxable wages and 1947. ..__.___...... __ -- __.._ 633.0 155,892 average wages in covered industries some 270,000 employees who left the January-June . .._. ______398.3 81,130 July-December ..__ _.___ 284.7 74,762 in the third quarter of 1948, estimated Federal civil service. In 1947, 683,000 1948...... __...... ______271.2 70,664 former Federal employees received January-Jane. __. _.- __.._ 148.7 38,370 at $520 and $599, respectively, were Julv-December-...-.---. 122.4 32,294 6.6 percent higher than in the corre- $155.9 million in refunds. JiilY. . ..______-. ______21.2 5,578 Augnst~~.~.~....~~.~..~. 26.5 7,179 sponding quarter of 1947. As com- The average amount refunded in- Septrmber..-.--~-.~--~. 14.9 3,944 Octobcr~.....~.....~~.. 5,266 pared with the second quarter of 1948, creased only slightly during the year. ~o~En!ber.-..--.-.---- 2: 5,114 however, average wages in covered The average refund was $258 for the December..~.....~....~. 19: 9 5,214 industries declined 1.2 percent. This first 6 months and $264 for the second i Refunds principally from civil-service retirement decline was a resumption, after a 2- half of the year, as compared with and disability fund but slso from Canal Zone and Alaska Railroad retirement and disability funds year interruption, of the usual sea- $204 and $263 for the same periods administered by the Civil Service Commission. 2 Excludes War Department refunds for July- sonal pattern reflecting the entrance of 1947. Some of the year’s increase December; see footnote 3. of young workers into the labor mar- in the average may be attributed to 8 Includes 513,926,996refunded during the fiscal year ended June 30,1946,to 133,500civilian employees ket either temporarily during the the fact that Federal employees leav- of the War Department. summer vacation or permanently ing the service may now withdraw Soume: Civil Service Commission.

delphia : The Blakiston Co., 1948. 490 pp. $4.75. Recent Publications in the Field Traces the signiilcant developments in economics during the past 15 years. of Social Securitfv * Includes Employment Theory and J Business Cycles, by William Fellner; Social Security Adminis- Program Guide for the Use of Stag Federal Budgeting and Fiscal Policy, Members and Committee Chairmen by Arthur Smith; Economics of Labor, tration in Planning State and Local Pro- by Lloyd G. Reynolds; and Develop- grams. Prepared by the Bureau of ment and Use of National Income BUREAU OF EMPLOYMENT SECURJ.TY. Employment Security, United States Data, by Carl S. Shoup. Comparison of State Unemployment Employment Service, in cooperation ARGENTINA. INSTITUTO NACIONAL DE Insurance Laws as of . with the Federal Interagency Com- PREVISION SOCIAL. CAMARA GREMIAL. Washington : U. S. Govt. Print. mittee on Employment of the Pensamiento y Action de la Cdmara Off., 1948. 91 PP. 25 cents. Physically Handicapped and the Gremial Durante el Period0 1945- BUREAU OF EMPLOYMENT SECURITY. President’s Committee on National 1946. Buenos Aires: Secretaria de Hire the Handicapped, It’s Good Employ the Physically Handicapped Trabajo y Prevision, 1948. 140 pp. Business for the Employer, for the Week. Washington: U. S. Govt. Summarizes the first 2 years of op- Worker, for the Community-A Print. Off., 1948. 24 pp. eration of the Occupational Chamber *Prepared in the Library, Federal Secu- Discusses the findings of a a-year of the Argentine National Social In- rity Agency. The inclusion of prices of study of the actual work records of surance Institute-the advisory body publications in this list is intended as a workers with at least a 50-percent composed of the employer and em- service to the reader, but orders must be physical disability and those of unim- ployee representatives who constitute directed to publishers or booksellers and paired workers in 109 plants. the board of directors of the various not to the Social Security Administration social security programs. or the Federal Security Agency. Federal General publications for which prices are listed BLAKEP, LOIS. “Family Case Work.” should be ordered from the Superintsnd- AMERICAN ECONOMIC ASSOCIATION. A Indian Journal of Social Work, ent of Documents, U. S. Government Survey of Contemporary Economics. Andheri, Bombay, Vol. 9, Sept. 1948, Printing OWce, Washington 25, D. C. Edited by Howard S. Ellis. Phila- pp. 87-95. $1. 22 Social Security