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Payments
Aid State Economy
Approximately 12.3 million dollars will be added to the spending power available to Virginia’s business men during September, specifically after September 15, according to Professor Gilbert C. Jones Director of The Bureau of Business Research, College of William and Mary. The 12.3 million dollars is Virginia’s estimated portion of the over 885 million dollars that will be mailed September 15 to more than 20 million recipients of Social Security benefits in the United States. This lump-sum payment is in addition to the regular monthly benefit checks. The Septem ber 15 checks will be an eight month payment of the 7 percent
increase made retroactice to Jan. 1, 1965 by legish tion signed into law July 30, It is expected that drug, foot clothing and household appliance retailers in Virginia will be the major beneficiaries oi this lump-sum payment due tc the high propensity of Social Security beneficiaries tc spend the greater part of their income for such items. The estimate of 12.3 millior dollars for Virginia, is an ex trapolation of 1964 data for the State and is believed to be conservative due to the steady growth in the number of Social Security beneficiaries.
90.8%