Your Opinion: Social Security worthy of trust
Saturday, October 8, 2011
Is your government lying about Social Security solvency? When Rick Perry or Charles Krauthammer tell you that Social Security is a Ponzi scheme what are they saying? They are saying that you will not receive the money you and your employer paid into SSA.
According to the Social Security trustees and the Congressional Budget Office full payment of all benefits are assured through 2038. After that if nothing else is done for the system you would receive at least 82 percent of your benefits.
Plainly these are contradictory statements. Since Reagan a segment of the public has come to completely mistrust its government. A relentless drumbeat to the tune of “the government cannot do anything” has influenced millions. Add to that a rousing chorus of “the private sector can always do it better.” These are both false premises. In fact there are some things only the government can do.
If you think your government is broke you can stop reading this. If you are worried, just realize that the whole world wants to lend us money today for historic low rates of return. That’s because we are seen as the most secure of the secure. Knowing this you have to wonder why so many people on the right tell you your Social Security is a crooked deal and going broke. Our government bonds are very secure.
Some of the public discourse on the SSA Trust Fund reaches Gong Show mentality. When is a treasury note or bond not a treasury note or bond? When SSA holds it! “Those people” say the money is not there. Recall the movie “It’s A Wonderful Life” when depositors all showed up for “their” money. Jimmie Stewart explains how a bank or savings and loan uses deposits for the needs of other customers. He explained how faith in one another made the banking system work. Today, the FDIC adds more strength to the system.
You must ask yourself why anyone would want to destroy faith in your government. These people talk endlessly about patriotism. They are more likely to destroy American strength than the Taliban.
Shame on them.