Borosage on Social Security

Re “The Con of a ‘New’ Social Security Program,” Opinion, July 26: Robert Borosage uses words such as “hoodwinking,” “con,” “huckster” and “fraud” to describe individual private investment. I would use those very same words to describe the current Social Security system.

Borosage cannot deny the powerful mathematics of compound interest. A young middle-class worker could very likely retire as a millionaire if he or she could take the full 15.2% of his or her income (including employer matching) that goes to Social Security and Medicare taxes and instead place it not necessarily in wild Wall Street speculation but just reasonable, conservative investments. The tragedy of the present system is that earlier generations are stuck in the pyramid, and today’s young workers have to divert much of that 15.2% to pay the “transition costs” of maintaining benefits for current and near-future retirees.

Today’s young workers will likely be dependent on the next generation for retirement benefits. The best argument to be offered for the Social Security status quo amounts to, “We’re on this treadmill and we can’t get off.” I hope that better minds than mine can figure out a way to get off the treadmill: perhaps a gradual reduction in future benefits combined with a gradual reduction in payroll taxes, along with means-testing.

FREDERICK B. SINGER

Huntington Beach

* While Borosage offers compelling arguments against privatizing any portion of Social Security, I confess frustration over a basic question: whether the government holds a fait accompli eminent domain over any part of my paycheck.

I hold to an ideal that must seem very selfish. I would rather not have the government take one penny from my check. I’d rather invest or spend that money for the betterment of my family. While I love them dearly, I am not interested in financing my parents’ generation’s retirement.

KEVIN SWEENEY

San Gabriel