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Letters to the Editor

Social Security made simple

| Thursday, May 5, 2005

Let's make this simple.

To pay out $10,000 to one Social Security retiree requires the total SS tax from nine workers making $10,000 a year, or five workers making $20,000, or more than two making $40,000 a year. This mostly ignores the cost of the agency employees. The only way one worker can cover one retiree is if he makes $90,000 a year.

Social Security is a tontine -- that is, a fund into which everyone "invests" but only some (by plan, less than half) can collect.

Solutions?

  • Raise the SS tax• The average low middle-income worker spends 10 percent of his gross for income tax, 10 percent for local taxes and 12.4 percent for Social Security tax -- hidden and other tax about doubles that. No good.

  • Raise the retirement age• To get back to the 1935-era situation, you would have to raise it to about 85.

  • Leave it as it is and introduce Hillary Clinton's national health plan, then Schiavo people as they approach retirement, seems to help in Holland and Britain. This you could get through the Congress.

  • Admit Social Security always was a fraud and begin phasing it out -- requiring people to invest in their own future -- and privatize all welfare programs.

    See• It is simple.

    Bill Kindelan
    Jeannette

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