Minden Press-Herald

Wednesday
Oct 01st

Empty Social Security

Dear Editor

This is in regard to "Ponzi, Ponzi, Ponzi!" (Perspective, Sept. 20). I've always thought that the federal government didn't just take our Social Security money and hold it safely for us, like in a savings account at a bank.

I've naively believed that they invest it in such a way as to make our money grow by earning interest on it via a federally insured program such as U.S. Treasury Notes or bonds to prevent another disaster like the 1929 crash, in which countless people lost their entire life's savings.

Now, according to the column, and to similar things I've read since the beginning of this recession, it seems clear that the feds have never invested the Social Security money that's deducted from our paychecks. They just hold it in a special fund.

Even more shocking, I've read that sometimes the government dips into that special fund for purposes other than to return the money to the people. I wonder why Stossel failed to mention that little tidbit as one of the factors that have undoubtedly added to the near insolvency of the social program upon which so many retired people depend for their mere subsistence.

Gloria Kaplan

 

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