Another letter the Star would not print

The following is a submission that addresses commonly held misconceptions concerning Social Security.  There are a million of them and the Republicans have been trying to spread them since the program was first enacted over 75 years ago.

Max Skidmore listed some of the ones that are routinely published in letters to the editor of the Kansas City Star and that go unchallenged because the paper refuses rebuttals to them:

Corrections to recent allegations regarding Social Security:

Every Treasury security is as much a “government IOU” as are bonds in the trust funds. FICA taxes are invested—in bonds that pay interest, and represent “real value.”

Ponzi schemes promise huge returns quickly, and collapse quickly. They require new investors at a geometrically increasing rate.

Social Security is not an investment, promises no wealth, is strong after 70+ years, requires no geometric increase of participants, and benefits no promoter. It is no Ponzi scheme.

Shorter life spans for Blacks and Hispanics do not mean that they collect “few, or no, retirement benefits.” Furthermore, groups with shorter life spans receive more benefits for children, widows, widowers, and the disabled. 

As for demographics, what is important is the percentage of people in the work force. Projections for 2030 are more favorable (44% in the workforce) than was the situation in 1965 (only 37%). 

Social Security is not only for retirement. It is far more efficient than any private system, operating at less than 1% of income for administration, and also protects against inflation.

Would privatization be better? Just ask former Enron employees about their 401Ks. THOSE were the worthless promises.