Social Security is not broke
All too often, Letters to the Editor contain “Talking Points” with no indication of the source. Fox News? I’m open to a discussion that starts with facts, not vague, unsubstantiated opinions. The recent letter concerning Social Security is a good example, stating “Social Security is going broke.”
NBC news reported on December 17, 2013, “On the question of whether Social Security is ‘going broke.’”
“By 2015, the amount set aside in the trust fund will swell to five times the estimated annual payouts. So the idea that Boomers will somehow be sponging off the next generation for all of their retirement funds just isn't true.”
Forbes Magazine of Jan. 2013 stated: “There appears to be every indication that productivity increases should be sufficient for the Baby Boomers to retire AND allow the rest of us enjoy even higher standards of living (assuming the compression of wages ends). That’s good news. In fact, it’s the only news that’s important.
In closing, I’m not telling you whether you should be for or against Social Security, but the argument that it is going bankrupt is a non-starter. It is much ado about nothing.”
John W. Merrick