This month marks Social Security's 73rd birthday - placing it eight years past standard retirement age. But, despite the program's $10-trillion-plus dollar shortfall, no politician dares to suggest that this disastrous program be phased out and retired; all agree on one absolute: Social Security must be saved. While the program may have financial problems, virtually everyone believes that some form of mandatory government-run retirement program is morally necessary. ...more

August 18, 2008

I'm afraid that I will have to decline Jim Gries' generous offer to sit in his rocking chair and explain Social Security to his 3-year-old granddaughter. And I'm amused that Mr. Gries does not consider it "fear-mongering" to call the Social Security system a "weapon of monetary destruction (WMD)." Actually, although he says that his earlier letter was a recital of fact, there is nothing in any of his letters that backs up his hysterical attack on the Social Security system. ...more

August 15, 2008

Jim Gries's letter about Social Security is unnecessary fear mongering. Social Security is simply an income transfer program. Workers today pay a tax to support retirees and disabled people. In exchange, workers get the promise that when they retire, a new generation of workers will support them. As Gries notes, the program has a substantial surplus. By law, that surplus is invested in bonds issued by the U.S. government. ...more

August 7, 2008