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Archive for Monday, July 11, 2005

New solution

July 11, 2005

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To the editor:

It is hard for me to understand why Americans don't see the full importance of Social Security reform. I have been paying into Social Security for a few years now, and I want to know that the money will be there when I get older.

As we know from history, Social Security was created mainly to combat the financial troubles of retired workers. This was a time when money was scarce, and the government needed to step in to aid the people. What Americans today don't realize is that the system has to be changed in some way.

The "baby boomers" are approaching the age at which they're eligible for Social Security. This mass number of people will overwhelm the system, and the money that I and other workers are paying will have to be stretched beyond its limits. Why not change the plan so the money works for the workers?

According to the information presented by the president and his advisers, there were approximately 16 workers to support each beneficiary in 1950. That was about the same time that all these baby boomers were being born. Today, there are close to three workers to support every recipient, and the cost of living has greatly increased.

The 21st century needs a 21st century Social Security plan. I don't know about you, but I'd rather have the option of making money with my Social Security payments. That way I would have at least some control of my personal funds.

Brett Werling,

Lawrence

Comments

Richard Heckler 9 years, 5 months ago

Wall Street may be there and maybe not. You should ask for special permission but don't make it the law of the land. All of us can now invest in Wall Street so go for it but leave my little cookie jar alone.

The primary BIG winners in this fiasco will be Wall Street. I would not trust GW Bush with any financial matters knowing his history. He knows not what is going on.

craigers 9 years, 5 months ago

That is why our economy is improving and more jobs are being added each quarter. I guess the fiscal policies of Bush are pointless. I would much rather leave the financial matters to businessmen.

Bruce Bertsch 9 years, 5 months ago

Social Security is not and has never been a pension plan where what you get out is related to what you pay in. It is a modified Ponzi scheme, but it works and will continue to work if we simply take the cap off of the amount of income that can be taxed.

Social Security is also one of the most efficient operations in existence as more thatn 99% of the funds are actually invested, Wall Street can't come close to that number.

As for the economy improving and the Bush fiscal policy, Warren Buffett said it best, "The man (Bush) is worried about a $120 Billion deficit that might happen 20 years from now, while he has a $400 Billion deficit that he is doing nothing about today."

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