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Provision should be made for extending coverage credit to veterans for the period of their service in the armed forces. In the financial provisions we must reconcile the actuarial needs of social security, including health insurance, with the requirements of a revenue system that is designed to promote a high level of consumption and full employment.
In my day we would talk about anything, from the Greek feeling about landscape to the principles the Romans would have taken as the basis of actuarial tables, if they had had them. We unsphered Plato, we speculated as to what Euripides would have thought of Henry James, or whether Sophocles would have enjoyed Miss -'s acting, and felt that it was of vital import to decide these matters.
In practice the lives of a few slaves engaged in steamboat operation and other hazardous pursuits were insured, but the total number of policies taken on their lives, except as regards marine insurance in the coasting slave trade, was very small. The planters as a rule carried their own risks, and they generally dispensed with actuarial reckonings in determining their bids for slaves.
It was Jim who took command of his house, "bossed" his two female servants, arranged his railway tours, superintended his kitchen with a view to his own individual tastes; valeted him, kept his cigars within a certain prescribed limit by a firm actuarial principle which transferred any surplus to his own use; gave him good advice, weighed up his friends and his enemies with shrewd sense; and protected him from bores and cranks, borrowers and "dead-beats."
The report of the actuarial authorities whom I have consulted leaves me in no doubt that, even after all allowance has been made for the fact that unemployment may be more rife in the less organised and less highly skilled trades than in the trade unions who pay unemployment benefits which is by no means certain there is no doubt whatever that a financially sound scheme can be evolved which, in return for moderate contributions, will yield adequate benefits.
The Carlisle-tables would give Stewart an actuarial expectation of ten or fifteen years, and Alf one of twenty-five or thirty. And there will be old-man changes in the personnel of the station staff when the grand old Christian sleeps with his fathers, and his dirty-flash son reigns in his stead. Such, again, is life. But this won't affect Alf's interests to any ruinous extent.
But the life table does not indicate the actual likelihood of Jones's life being fifteen years. It only represents the actuarial average expectation of all the lives. This may be useful enough for insurance dependent on the total experience, but it may be a shocking injustice to the individual in taxation.
None of the actuarial or accountancy corporations will admit women, so we can't pass exams and call ourselves chartered actuaries or incorporated accountants. But if women clients choose to consult us there is no law to prevent them, or to make our giving advice illegal. So we advise and estimate and do accounts and calculate probabilities.
As a further evidence of the basic soundness of the law and the character of its administration, I have directed the Industrial Commission to have an actuarial audit of the fund in its charge, with the imposed condition that the Ohio Federation of Labor, the Ohio Manufacturers' Association and the State Auditor be consulted in the employment of the most competent actuary, obtainable outside the state service, to do the work."
The arguments based upon arithmetical or actuarial superiority of the levy for your pocket and for mine may therefore rather go by the board. But I am not going to discuss either the question of political guarantees or the possible future socio-financial policy of the Labour Party.
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