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Article
October 31, 1959

SOME OBSERVATIONS ON FINANCIAL ASSETS OF THE AGED AND FORAND-TYPE LEGISLATION

Author Affiliations

Chicago

Director (Dr. Kemp), Assistant Director (Dr. Martin), and Research Assistant (Miss Harkness), Economic Research Department, American Medical Association.

JAMA. 1959;171(9):1228-1231. doi:10.1001/jama.1959.73010270022017
Abstract

The famous British economist, Alfred Marshall, wrote many years ago: "Experience in controversies... brings out the impossibility of learning anything from facts till they are examined and interpreted by reason; and teaches that the most reckless and treacherous of all theorists is he who professes to let facts and figures speak for themselves...."1 The wisdom of this observation is forcefully brought home by an examination of the literature surrounding the report of the Department of Health, Education, and Welfare to the Committee on Ways and Means concerning hospitalization payments for beneficiaries of old age, survivors, and disability insurance (OASDI) and by the hearings conducted in July, 1959, by that committee on H. R. 4700 introduced by Rep. Aime J. Forand (D.) of Rhode Island. A striking feature of both the report and the testimony favoring the bill is the bias resulting from an almost complete lack of consideration of

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