NO SECURITY FOR SECURITY

New Zealand Herald, Volume LXXV, Issue 23139, 10 September 1938, Page 12

NO SECURITY FOR SECURITY

Surely it was significant that, while the Government allowed reasonable latitude for debate on the benefit provisions of the Social Security Bill, it took "urgency" for the financial section and rushed it through the House in a single sitting prolonged into the small hours. No doubt the Government is well aware that the weak link in its chain of security, the link that will not bear the weight to be placed on it, is finance. For.that reason the House was given a minimum of time to examine this aspect. The Minister in charge of the bill, Mr. Nash, again recited his highly optimistic estimates of outgoings and incomings. He wrote down the actuary's estimates of costs and wrote lip anticipated revenues to strike a balance for the first year. Even if such easy finance could be accepted as sound by thinking people, they are bound to reflect that the scheme is designed, not for one year, but for all time. Mr. Nash says the future can take care of itself, but young men and women beginning to pay in now for benefits dated many years ahead want some firmer assurance that they will be safeguarded against the future. Mr. Nash does not pretend to offer it. He rejected the Opposition's sensible suggestion that at least the superannuation scheme might be kept sound by establishing a separate fund and earmarking a portion of contributions for this particular purpose. All the security he would offer for the future integrity of the scheme was that the increasing cost of benefits would be met, he hoped, out. of increasing production, a hope that on present trends seems likely to suffer disappointment. On such shallow foundations, however, the Government has passed its bill and will proceed to orect the towering superstructure of benefits, and collect Is in the potrod, Commencing on April 1 next.