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Social Security Still The Third Rail

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The Tampa Tribune

Published: July 19, 2008

Just A Ponzi Scheme
Regarding "Being Right About Social Security Can Make McCain Sound Wrong" (Our Opinion, July 10):

There's not much to argue about when Social Security is called the "third rail" of politics; no matter who says what about reforming it, they're bound to get zapped, regardless of the truthfulness of their remarks. While we're on the subject of truthfulness, let's call the Social Security payout system exactly what it is: a Ponzi scheme.

A Ponzi scheme is a fraudulent investment plan in which funds paid in by later investors are used to pay off the original investors, regardless of any stated return. Sound familiar? Current taxpayers are investing into a system that pays earlier ones without any regard for the amount of the "investment" they made.

There is not a financial planner or investment professional alive that would avoid censure if they served their clients this way, so why do we voting, taxpaying "investors" allow Congress to get away with it?

STEFFAN F. CRESS

Tampa

All Congress' Fault

You hear so many stories from our senators and Congress that Social Security is broken, won't last, etc.

The problem with Social Security is that they, our representatives, created the problem. Why are they taking excess money out of Social Security to support other programs? How much money has been taken out so far and where was it spent? If they would have left Social Security alone, maybe we wouldn't be in this mess.

I think we deserve answers as to why they robbed Peter (Social Security) to pay Paul (other programs). I also think that this practice should be stopped or else the downward spiral concerning future benefits will continue.

You think a Senate hearing would address this issue. Just as the oil companies are making monies at our expense, so is the government abusing our Social Security benefits at our expense.

RONALD MORROW

Valrico

Time To Admit Problem

Your editorial regarding Social Security was wrong on two counts.

First, McCain did not go far enough in criticizing the government program. I'm waiting for a single honest politician who will admit, "We promised more than we can deliver." We've known for decades that Social Security could not sustain itself.

Second, the pay-as-you-go aspect is precisely what's wrong with the system. It has all the characteristics of a pyramid scam for which we put folks in the private sector into prison. Consider the diversion of funds to other accounts, the raising of false expectations on returns and using the money from those last in to benefit those first in. We are enslaving the next generation to debt regarding which they had no say. Our Founding Fathers would have called that taxation without representation.

It's past time for Washington to own up to the problem, quit stealing from our children and tell the truth.

MIKE CARLSON

Weeki Wachee

Beware Of Privatization

The real disgrace of John McCain's comments about the Social Security program being a disgrace is that the media is providing him cover for his comments by calling them confusing or simple misstatements.

McCain's proposal to consider the portion of employer-funded health care insurance costs as income to the worker is a prime example of these efforts. As the Tribune stated, "If Social Security is reformed along the lines McCain suggest, voluntary private accounts would be offered to supplement the tax-supported program for younger workers."

The simple truth is privatizing Social Security is the first step to the elimination of the corporate portion of Social Security taxes. In all of these actions is there one position the Republican Party has taken that has benefited the middle-class worker? Florida voters are going to find it hard to vote for someone whose statements threaten our financial security and whose party has taken so many positions contrary to our personal well-being.

DALE SMREKAR

Odessa

Backpedaling Furiously

The media is famously in the tank for John McCain, and apparently the Trib is no exception. In your editorial, you provided cover when he called Medicare a "disgrace." You assumed he misspoke and attributed a more reasonable view to him - that the fact looming shortfalls haven't been addressed is the disgrace.

However, McCain has said that the pay-as-you-go design of Social Security itself is the problem. He implied that in the supposed "gaffe" you cited, and he said it again on CNN the next day. He's talked about privatization of Social Security in the past.

This isn't an unusual view for Republicans to hold - Bush tried to "reform" Social Security early in his second term. It just happens to be politically inconvenient right now. McCain belatedly realized that, which is why he's backpedaling furiously. Why not just report the facts?

SHERRY CIURCZAK

Apollo Beach

Attack Was Unfair

John McCain reportedly said, "We are paying present day retirees with taxes paid by young workers in America today. And that's a disgrace. It's an absolute disgrace, and it's got to be fixed."

McCain's language is a value judgment. As for the statement, it can be shown that Social Security not only offers those who work hard for many years some incentive but, more importantly, instills a sense of responsibility in young workers.

One of the sneakiest of political tactics is to underfund a program and then attack it as if it had failed of its own accord.

WESLEY VASSAR

Clearwater

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