To the Editor:
Social Security was set up as a trust fund for those who paid into it. It was a pyramid with those at the bottom paying in for those at the top. The generations of younger workers are required to accept on faith the principle that still future generations of workers will absorb all future costs and will pay taxes that will cover their benefits.
The pyramid is turning up side down. There soon will be more recipients at the top than taxpayers at the bottom. The money in the trust fund has been borrowed and not replaced. There are currently beneficiaries of this fund who have never paid into it making it another source of welfare.
We have lost a generation of babies by legalized abortion, and a great number of social security taxpayers at the bottom of the pyramid.
If the system were privatized each individual would have their own retirement fund that would be earning compound interest and their heirs would be able to inherit the balance. The large amount of money going into these accounts would be available for loans to businesses and individuals. Tax-free IRA's would be a good incentive to save.
If employers are not required to match the social security tax, it will lessen their employee cost and reduce the cost of goods and services, or it could result in higher wages freeing up even more money into the economy.
Unethical politicians have used Social Security to frighten older voters into voting for them every time their opponents make an attempt to solve the problem and tell the American people the truth. Even honorable politicians are afraid to touch the issue because of them. Members of Congress receive lavish pension plans, but are not required to contribute to it. If they were put into the Social Security system with the rest of us they would fix it fast.