This memorandum might be called a social insurance man's work sheet. It contains his assumptions, and his calculations of what would be the effects of social insurance in the United States in future years based on these assumptions. The authors have contributed a summary of economists' criticisms of social security during the thirties. They complain that in the prewar period critics of the social security program failed to distinguish between the actuarial aspects of social security funds and the total spending aspects. All this is included in part I.
Part II is devoted to a calculation of what will happen to social security funds in the hypothetical year 195x, under three different assumptions of degree of full employment, and a discussion of the problem of financing social security, as then amended, till the end of the century. These discussions deal with the relative rates of contributions and of benefit payments