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No one could guarantee that any pension plan would work perfectly and give workers absolute security in their old age. But since the soundness of all pension plans is based, in the last analysis, on the soundness of the U.S. economy, the expansion of Social Security and spread of soundly financed private pen sion plans would contribute a great deal toward making the economy stronger. They would help iron out the economic ups & downs by putting an enormous amount of buying power in the hands of the elderly 7.6% of the population. In securing for them the good sociological harvest of old age, the U.S. might also help stabilize its economy and benefit everyone.
*Which still operates a pension program for some 240,000 retired railroad workers, collects $286,970,846 a year from roads and employees, pays out around $240 million a year in benefits.
*Harry Truman, who left the Senate before he became eligible for its plan (maximum: $7,040 a year), is entitled to no pension as President. Nevertheless, he can collect $90 a month as a retired colonel in the Army Reserve.