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Security was always intended as only a partial replacement for lost earnings — a foundation for retirement planning.
It was designed to be supplemented by private pensions and personal savings. Another myth is that Social Security trust fund monies have been used to finance such diverse government functions as wars, foreign aid and highway projects. Of course, that too, is not true.
This confusion arises because of misunderstandings about the Social Security trust fund investment procedures. By law, any reserves not used for the payment of benefits or operational expenses are invested only in U.S. government securities and earn the prevailing rate of interest.
The government uses the money it has borrowed from Social Security, along with other money in its general fund, to finance many programs and projects. But the federal government has always repaid its obligations to the trust funds, with interest. In fact, last year the Social Security funds earned almost $4 billion in interest.
Why is the Social Security program so shrouded in myth and misunderstanding? Perhaps it is because of its size, or maybe because of its pervasive influence on our
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