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“Why should the man who had reached 60 or so before being brought under social security, and who only had to pay social security taxes a few years, receive just about as much in benefits as the man who has been paying into social security since the system started?”
Social security is set up as an insurance system. In all types of insurance, those who pay in more than they get out help to provide the money for those who get out more than they put in.
If we have no fire, we lose on our fire insurance. If fire strikes, those carrying insurance who have no fires pay for our loss. One person may pay a single life-insurance premium and die the next day. Another may pay thousands of dollars in premiums over a period of 50 years or more.
In social security, a young man may have to pay into the fund throughout a long working'career. If this man dies a few years after reaching 65, his realization on his investment will be less than that of the man who was brought under social security when he was 63, had to pay into the fund for only two years, and then drew regular benefits until he died at 95. K)n the other hand, if the young man died at an early age, his survivors could expect to receive over a period of years, many thousands of dollars more than the breadwinner had contributed to the fund.
As with any other-form of insurance, we can have, through social security, as much protection and as high a level of benefits as we are willing to buy.
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