The clothmaker. [volume] (Clinton, South Carolina) 1952-1984, August 15, 1961, Page 2, Image 2
2
nt
CLott
fr. __ > _ Published moi
TCFX' employee:
oi I and Lydia (
I ,1 t Clinton, S. C
I direction of
. , . . Crocker, Indi
MiiiiIkt of South . _ _ -p,
Atlantic Council of lions U
I mliiHt rt:? 1 Kilitors
Calvin Cooper
E. C. Huffstetler
Truman Owens
T' a n,.hliol1arc Tkn r
items of interest from it
to your departmenta
personn<
Textiles?How lmp<
Everyone working in tex
and its products are importat
national economy and to the i
Just how important was
recent petition to the Office (
tion seeking a ruling that text
defense security of America.
The petition included sign
ing that the textile industry:
?Is one of the largest en
among the manufacturing ind
?Accounts for nine per
originating in manufacturing.
?Spends more than $22 b
ial and equipment.
?Supplies about $340 mil
io siaie ana iocai guvernmeni
?Pay from $300 million
porate income tax revenue to
?Represents a capital inv
$8 billion.
?Is regarded by the Defe
national defense.
Six Pe
So many times, the mean:
you look at them. Take, for
relate to interest on loans, ui
ports.
In many states, six per c<
may be charged as interest o
nciais ana economists regarc
beyond that as immoral and
With respect to unemplo;
tion's work force out of work
figure higher than that is re
business conditions and a falti
ing a lot of people out of wc
With textile imports, how
goods which equal six percent
is said bv many of these s;
economists to be nothing more
ing as much as we should.
In reality, surrendering si
market to foreign-made good:
of the income which should
could eventually mean surri
textile jobs. It is surrendering
American textile employees t
To people who must con
goods, six per cent of the total
ingful share of what Americai
high quality and the America
Six per cent is an awful !
at it.
Risks Bigger-R
Years ago, a man could se
as a small machine shop, for a
dollars. Virtually all the work
inexpensive equipment. If ht
those tools and try something
any serious loss. If he succet
own.
Back in the mid-UKId's inv
negligible, bv comparison witl
cr with today's complex and 1
adays it takes an investment
industrial worker's job possib
In the last few decades, t
and other policies has been
II trad, c*im n / i CUULL tin- u it
ahead of productivity have
profits. And more than half of
away in taxes.
Americans are still willin
sands of new businesses are st
panded. But as the risks g
shrink, we face the danger 1
will dwindle, along with the
of our economic system.
iMKf R "1U1
ithly by and
? of Clinton AV>
Cotton Mills,
under the
Claude A. ' "V
ustrial Rela- ,
Member of American
irector. Association ?r
Industrial Kdltors
Editor
Staff Artist
Photographer
'lothmaker will welcome
s readers. Turn them in
1 reporters or to the
?1 office.
Drtant to Economy
tiles knows that, the industry
it?to our way of life, to the
defense security of the nation,
brought out in the industry's
if Civil and Defense Mobilizaile
imports were impairing the
ificant facts and figures showlployers
of production workers
ustries of the nation,
cent of the national income
ill ion a year for wages, materllion
per year in tax revenues
ts.
to $400 million a year in cor*
i? i .<?
i iiic 1 crucial ^uvciiiiiicui.
estment at book value of over
nse Department as essential to
r Cent
ing of figures depends on how
instance, percentages as they
^employment, and textiles im?nt
is the legal maximum that
n loans. Many government of1
any percentage which goes
gouging.
yment, six percent ot the nais
cause for great alarm. Any
garded as a sure sign of poor
ering economy, as well as hav>rk.
ever, the acceptance of foreign
of American textile production
ame government officials and
than a sign that vvc aren't dox
per cent of America's textile
s is surrendering six per cent
go to American people, and
?ndering six per cent of our
* six per cent of the time that
ould be gainfully employed,
ipete daily with foreign-made
I market for textiles is a meanis
have built up by hard work,
n standard of living,
lot. regardless of how you look
Rewards Smaller
t himself up in a business, such
ti investment of a few hundred
was clone with hand tools and
? failed, the owner could sell
; else, without having suffered
ded, all his earnings were his
est moot per worker was almost
i the cost of equipping a worklighlv
efficient machines. Nowof
$16,000 to make the average
le.
he effect of Federal Tax policy
to multiply the risks of busiontives
Wai'P hnr?<?ts; rnnnine
increased costs and squeezed
corporation earnings are taken
g to take business risks. Thouarted
every year; others are exrow
bigger, and the rewards
that investment and enterprise
growth and job-making ability
THE CLOTHMAKER
Social Security . . .
(Continued from page 1)
take benefits before they are
65 will get less per month
than they would if they waited
until age 65.
The sooner a worker takes
his benefits after age 62, the
greater the reduction in his
benefits will be. However,
the reductions are figured so
that with an average life
expectancy he will get the
same total amount over his
lifetime whether he takes reduced
benefits before he is
65 or waits until 65 to start
collecting his full benefits.
rv i ? a i i i-?
lytrjjfiiut'iii nusoamis Denefits,
if taken before age 65,
will also be reduced, but dependent
widowers and fathers
can receive full benefits
at age 62.
The new amendments raise
the aged widow's benefits
from the present 75 percent
of the husband's retirement
benefit to 82.5 percent, a 10
percent increase in individual
benefits, beginning in
August.
The same increase will be
made in the benefits of aged
dependent widowers and
those of aged parents if there
is only one dependent parent
surviving.
An increase of up to $7 in
the minimum old-age, survivors,
and disability insurance
benefits is due beginning
with the benefit check for
me monin 01 /\ugusi. i no
present minimum is $33; the
new minimum payment will
be $40. Under the change,
many persons will receive increased
payments.
Less Work Credit Required
Another change lowers the
amount of work credit required
for old-age and survivors'
benefits. The new
law makes payments possible
for a person who has work
credit for one calendar quarter
for each year after 1950
and up to the year he reaches
65 (62 for a woman).
This means that a man
who reached 65 or a woman
who reached 62 before 1958
will need credit for only a
year and a half of work under
social security to qualify
for retirement benefits.
Survivors of workers who
died in 1958 or later and who
were not eligible for benefits
before this change may
now be eligible. These people
should inquire at their social
security office soon.
Another change in the law
makes it possible for people
eligible lor social security
benefits to earn up to $1700
and receive more in total
earnings and benefits than
under the old law.
Under both the old and the
new law, a beneficiary can
earn $1200 a year and receive
all of his monthly social security
benefits. The old law,
though, required $1 in benefits
to he withheld for each
$2 earned from $1200 to
$1500, and SI for each $1
earned over $1500.
Under the new law, $1 is
:?li t.i r 1 >i '
wiiiimimu ior t-acn z. earned
from $1200 to $1700, and then
i $1 for each $1 earned over
$1700. Thus, under the new
law only $250 in benefits is
deducted when the benefici
IT'S SCHOOL T
1
HWHISShHI
Gosh! Summer's almost ^one
Time to buckle down to nine run
Fuller, 14 year old son of Mr.
Lydia, poses perplexed over the
school after a fun packed summ
looking forward to it. Terry, a
dent and has no trouble or despt
or home. He loves all sports, esp
ball. We are rightly proud of
Fuller.
DON'T DC
i{ fl
Don't ever reach into a mac
move lint, waste, or anything els
int* moving machinery has beei
should never break it. Finders, hi
crushed, cut. or torn off if we hi
We asked Claude Kernells, c?
tion man, Clinton, to pose for the
to remind us that most accidei
caused. Be careful. A moment ol
limb or life. Carelessness doesn't
in the home. A few seconds sav
poor business.
arv earns $1700 during the
year. Under the old law $.'150 ei
would have been withheld. h
The disability insurance b
program remains unchanged. A
except that workers with e
long-standing disabilities are h
given another year, until u
June JO. 19H2, to file claims c>
for benefits. t'
Increases in benefits for r
widows and for those getting h
minimum benefits will be
mane automatical iv oeiore
the August checks are mailed
early in September. It will
not he necessary for these 11
people to contact the social
security office. s
AUGUST. 1961
IME AGAIN
i S^I^Hv v^B
ftk \
. . . . it's school time again,
nths of school work. Terry
and Mrs. Homer Fuller,
prospects of returning to
er vacation. Actually he is
7th grader, is a good stuur
with his work in school
ecially swimming and footour
youth such as Terry
} IT!!
-? gvVl
* |SAI
%K|
hine that is running to ree.
The rule of never elcan1
made to nrotort lls ttV
inuIs, and even arms can be
leak this safety regulation,
irding first shift picker secabove
picture. It was set up
its don't happen, they are
f t bought fulness can save a
pay on the job. highway, or
i>d at the cost of a hand is
Some other people affect;1
by the amendments to the
iw must apply before their
enefits can be started,
uiiong them are older workrs
who formerly did not
ave enough credit for work
nder social security to reeive
benefits, workers beiveen
(ill and 65 who wish to
IIIIU' H'illl ? ? >/1 l ir*rt/ 1
enefits. and dependent wis
or fathers.
These people should net in
>uch with their nearest socil
security office, or see
hei r social security repreentative.