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or private.
It may be hard for you to believe that your government, which is supposed to be the very essence of honor and integrity, would force you to buy an old age pension, whether you want it or not, that spend the money it collects from you and your employer, leaving nothing with which to pay your claim when it becomes due except a Treasury Department I.O.U.—but that's exactly how it is.
Here’s how it works. The money deducted from your pay, plus an equal amount paid by your employer, is remitted to Washington. When this money gets to Washington, It is deposited in the general fund of the Treasury, and is used by the Treasury to pay the day-day operating expenses of the Federal Government. In other words, the money which is supposed to provide a pension for your old age is spent as soon as it gets to Washington.
Once a year Congress appropriates for the Social Security Board whatever amount the Board says is necessary to enable it to pay operating expenses and benefits for the next year.. The difference between what Congress appropriates for the Board and the total amount of Social Security collections for that year is added to the Social Security Reserve Fund. By way of an easilyunderstood illustration, let us assume that last year Social Security collections totaled $3.5 billion, and
66.8%