BUSINESS Agreement Skoog: Mobile Rotary to Hos Saves Paper Disc Jockey Tournament Panel Committed to Social Security
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20 - MANCHESTER HERALD, Fri., Dec. 3, 1982 BUSINESS Agreement Skoog: mobile Rotary to hos saves paper disc jockey tournament Panel committed to Social Security ... page 4 ... page 11 ... page 16 ALTHOUGH IN RECESS until Dec. 10, members of every 100 people working age. For the next 25 to 3(1 noli*: I Ills is ihi< third of ii Irrr-parl the commission are working together and with years, that proportion will drop. In 2005, there will be, members of Congress, as well as the White House, to fewer dependents per person of working age than ther^ break the impasse over methods of raising additibnaf are now — thanks to the baby boomers. It will be 202d The National Commission on Social Security Reform Y o u r funds. Generaily, the Democrats on the commission before the ratio gets back up to the present level of 7^ may, by its deadline of Dec. 31. submit two or three M o n e y 's favor raising payroli taxes or infusing other tax dependents per 100 workers. In 1970, there were 90; Variable cloudiness, Manchester, Conn. alternative plans for raising the extra $150 billion to $200 revenues. Republican members are inclined to look at dependents to every 100 workers, and in 1965, it was 95 tg; a billion the program twill need during the next seven W o r th ways of scaling back benefit payments. 100 workers. ! mild Sunday Saturday, Dec. 4, 1982 years. But the bipartisan commission (10 members ap The $150 billion to $200 billion deficit the program will "In the future,” says Robert M. Ball, former com pointed by Republicans, five by Democrats) is un Sylvia Porter encounter is largely the result of steep inflation plus missioner of Social S^urity and a member of the comv — See page 2 25 Cents animous on some important issues. high unemployment. Each 1 percent increase in the in mission, “people will have the money to shift some of; "All members of the commission are committed flation rate increases Social Security outgo by $1.5 the resources that were once spent to raise children t^ basically to the structure with which we are dealing," billion. Each 1 percent increase in the unemployment building the kind of world they want for themselves an<C says Alan Greenspan, the economic adviser to President rate cuts $3 billion from Social Security tax collections. others in retirement.” * Meanwhile, the commission’s long laundry list of; Reagan, who is chairman of the prestigious panel. other areas for agreement, too. Most believe that all of The shortfall will extend only until the end of the The commission members are all agreed, Greenspan 1980s. During the next 25 to 30 years, the baby boomers changes to meet the short-range shortfall ranges from; the nation's workers should be covered by Social Securij an income Uuc on SS benefits at a certain level to raisli)g> confirms, that the system is here to stay and needs no ty. particularly federal governrhent employees who are will swell the ranks of our workforce. Not until the year radical changes such as converting it to a voluntary now exempt and employees of nonprofit organizations, 2020 will there be another piossible problem — which the taxes on whiskey, tobacco and gasoline. Easy wherv Talks tough program. such as hospitals, who may elect to opt out. commission considered neither certain nor crucial. faced, difficult only when confused. What doomsday?; (In the past. Reagan has suggested that Social Securi The members also voted unanimously for some kind What bankruptcy? What lies! ; ty be made voluntary, a move that has been accurately of fail-safe arrangement to fall back on. Although not THE FACTS DO NOT bear out the forecasts of (Save money as you organize your budget with Sylvia>^ described as a way of sinking the program. Only those expected to be needed, the mechanism would be future doom that have been made so often they have Porter’s Financial Almanac for 1983 — a functional and; close to retirement or the "poor risks" who could not informative desk calendar/handbook featuring Porter’s; available in case of a really serious economic disaster. become almost a part of Social Security folklore. There get coverage under private insurance would sign up.) best budgeting tips and money-saving advice. Send $8.95; Details were not worked out at the meetings, but might will not be a precipitous decline,in the ratio of working TTiis is Regan's record, it's on tile; he cannot escape his plus $1 for ‘mailing and handling to Sylvia Porter’s- Colombians include automatic loans from the Treasury or emergen- people to the dependent population — not when you past in print. Financial Almanac, care of the Manchester Herald, 44(X); cv payroll tax increases. count the number of dependent children who must be VKTKK MON THS of study, followed by three days The intent is to restore public confidence — which has supported along with the retirees. Johnson Drive, Fairway, Kan. 66205. Make checks: of open meetings in mid-November, the group found been dangerously, viciously undermined. We now have 75 people either'over 65 or under 20 for payable to Universal Press Syndicate.) ; Workers sue Olin Economy at a glance jeer Reagan WASHINGTON — New factory orders droppied in October to the lowest level in more than two years, for severance pay the Commerce Department said ’Thursday. BOGOTA, Colombia (UPI) - Greeted can they be overcome,” he said. ”I came WASHINGTON — Retailers report sales were up to listen and to learn — to ask how we in November compared to a year ago, but analysts by Jeers from an angry crowd, President NEW HAVEN (UPI) — Olin Corp. in Stamford is Reagan visited Colombia’s capiUl amid could be of greater help in promoting said that was mostly because November 1981 sales peace and progress the Americas.” being sued for more than $3 million in severance were so poor. extraordinary security Friday to try to benefits employees claihi they’re owed from the time clear away “misundersUndings” with “Our neighbors in Central America WASHINGTON — A government reports shows are in turmoil,” Reagan said. "They are Olin sold its Winchester rifle division in July 1981. sales of new houses remained above the 400,000 the hew nationalist leader over cocaine, coffee and Central America. threatened by a devasUting economic unit-a-year rate for a second month. But the im- crisis, and by local insurgencies sup The 173 workers said they should have received the provement^ame too late to keep 1982 from "I came to listen and to learn,” benefits although there was no break between the time Reagan told President Belisario BeUn- ported by outside countries, which do not finishing'as tliKworst year for house sales on wish to see the republics of America they were employed by Olin and the time the division cur. record. ^ succeed. was taken over by U.S. Repeating Arms Corp. NEW 'YORK — The stock market finished mixed A force of 3,0(X) riot police and soldiers turned Bogota into an armed camp as “The question,” Reagan said, “is how for the second day Thursday. The Dow Jones in can we help?” Olin sold its Winchester plants in New Haven and dustrial average gained 2.02 points to close at 1,- Reagan arrived for a 5 Vi-hour stop en Hingham. Mass., on July 20, 1981, for $24 million. The 033.11. route to Central America. REAGAN NOTED Columbia joined employees claimed they were owed the severance WASHINGTON — New claims for unemployment About too demonstrators shouted and with Costa Rica Oct. 4 in a Central benefits because the company was sold. Olin refused to checks climbed by 56.000 during the third week of whistled from a disUnce behind police American peace plan that seeks to stop pay the money because the sale did not involve any tem November in the first increase in five weeks, the barriers and police battled student imporUtion of heavy offensive weapons porary layoff of employees. Labor Department said Thursday. __________ protesters with tear gas at a university 2 into Central America, withdraW foreign miles from the center of the capiUl. miliUry advisers, end terrorism amj In contrast to the cordiality of his Ulks subversion against neighbors, recpncile dissidents and call elections. PRESIDENT REAGAN REVIEWS COLOMBIAN HONOR GUARD IN BOGOTA in Brazil, the president had sought the visit to Colombia to air differences with “Of these,” he said, “the last is the Buy a Selected Color TV during RCA*s . he Is escorted by Colombian Foreign Minister Rodrigo Lloreda BeUncur. most significant. For all we know that Merdlij photo by Saviste During the four-hour flight from democracies are far less likely than any Brazil, U.S. Ambassador ’Thomas Boyatt other regimes to abuse their own people sent word to Reagan that BeUncur s and to make war on their neighbors.” Board officers luncheon toast would be tough and Reagan also pledged to resolve Extradition pact to be inked hostile and aides immediately began to differences over narcotics and U.S. Daniel F. Reale, center, was recently elected mund Gorman, first vice president; Jeffrey rewrite Reagan’s reply. tariffs that block the sale of Colombian as president of the Manchester Board of Keith, second vice president; Robert D. Mur ^ • -v»,. goods, in return for a crackdown on U.S. authorities believe as many as 200 CosU Rica hiding from American Justice, 'TttTfTTS'CftCr'ifc BeUncur welcohi^ Colombia’s $2 billion a year cocaine Realtors at a luncheon at Adams Mill dock, treasurer, and Robert F. ^Blanchard, m C H k SAN JOSE, CosU Rica (UPI) - President CosU Rican officials said.