Social Security Does Guarantee Security

In answer to “A Miserable Deal for Today’s Young Workers” by Peter J. Ferrara (Viewpoints, Aug. 18), note the following facts.

According to present eligibility standards, 83% of the population (working) do not participate in any form of Individual Retirement Account plan.

Why? Americans generally are not “savers,” and when they do participate in pension plans, they see their savings diverted by many corporations.

Social Security is a bedrock plan that has proven itself. The poorhouse of the 1800s no longer exists.

We are all living longer, thanks to Medicare. Show me an insurance company that will provide similar coverage for death, disability and retirement.

Ten million people under the age of 65, including 5 million children, receive Social Security benefits.

The future benefits of today’s workers can only increase as Social Security trust fund reserves grow, reducing the necessity for further increases in the FICA tax.

Every cent of Social Security money goes back into the economy--and more when you consider pension income spending.

Ferrara’s theories sound great, but I would rather depend on the United States of America and Social Security.

EDWIN A. JAAKOLA

President, Big Bear Lake Chapter

American Assn. of Retired Persons