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Letters to the Editor

SS debacle

March 6, 2008

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To the editor:

As a senior citizen I've been inundated with requests from several organizations to sign their petition for a Social Security lock box bill. There are at least two: HR 219 and HR 1353. Apparently these bills would prevent Congress from using SS trust funds for other government operations including their earmarks and perks as has been happening for 40 years. (Where have these folks been all this time?) It's almost too late. The excess SS taxes will soon disappear as the boomers retire. Then Congress must start to repay its "loans" from the SS trust fund. Wanna bet this won't be the occasion for a tax increase of some sort? Obama has already proposed one for SS (FICA) taxes.

Another feature of HR 1353 prohibits putting SS trust funds into private investments. That leaves government bonds. After railing against "the raid," it's then proposed to leave the system essentially unchanged! This again leaves the fox to guard the chicken house. Private investment management could never do what political management has done to the SS trust fund. These bills are nothing more than a face-saving move by Congress.

Frank J. Male,
Eudora

Comments

GSWtotheheart 6 years, 11 months ago

Didn't you know, the boomers have started retiring. There was an article in the paper the other day about how the first one drew her first check. You're too late. We're screwed.

Mkh 6 years, 11 months ago

Well Frank is a senior citizen so he'll be fine, the rest of us though are completely screwed. It's time to let the young people out of social security and tell the truth about what the government has been doing with the people's "savings" all these years.

KS 6 years, 11 months ago

FYI, that bad boy Bush tried to straighten out SS a couple of years ago and the Dems didn't want to have anything to do with it. Heaven forbid that Bush would get credit. They don't want to lock up the money. They would have to either raise taxes or stop spending on all the other deals.

Evan Ridenour 6 years, 11 months ago

The real joke is on all of the young people paying social security taxes right now who will never see a dime.

Mkh 6 years, 11 months ago

KS: "They don't want to lock up the money. They would have to either raise taxes or stop spending on all the other deals."


Exactly correct. And at this point even if they "locked up" SS and somehow managed to stop future spending (yeah right) we would still be in a massive hole that would require a tremendous tax burden to fund. Currently the US government has $53 Trillion in unfunded entitlements. That means they've already promised $53 Trillion for programs and they don't currently have the money.

On top of that, anyone watching the presidential campaign realizes that the candidates (other than Ron Paul) want to expand these unfunded programs and/or the spending of the government.

www.lao.ca.gov/RetireeHealth/RetSummary.aspx?id=348

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