Privatizing Social Security

Re: “Mobilizing for the Social Security Wars,” Opinion, Nov. 29:

Augusto Pinochet, now cooling his heels while under British arrest, has displayed more compassion for working people than have our Beltway Republicrats. Each year our government confiscates the FICA surplus (about $80 billion) and spends it all.

Guy Molyneux surely understands the advantage of a privatized retirement system, but I think disingenuously avoids a nuts-and-bolts discussion by suggesting it is simply a problem of perception for politicians.

Pinochet allowed workers to move out of a government-controlled retirement plan and into a privatized system. Chileans now receive retirement checks equal to their pre-retirement income. The average monthly American Social Security check is about $700, and it can be taxed to 85%. This is not a viable retirement system.

It is now 11 p.m. At this hour the La Canada hills become a wilderness. I shall walk to the edge of my property and howl.

ROLAND K. ECKER

La Canada-Flintridge

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Molyneux is mistaken if he believes the average taxpayer is merely anxious, rather than disenchanted with the Social Security system. Those of us forced to pay the tax recognize it as a crushing financial burden. The current reform debate neglects to acknowledge that its current claim of surplus funding is the result of an accounting mirage.

The would-be reformers should design a system where taxpayers receive a pension after a lifetime of paying income tax, not Social Security taxes plus income tax. I would like the opportunity to opt out of the system now, at age 44, so that I can pay an equivalent amount into a life insurance and pension fund that will provide real benefits at age 65, principal and interest, and not some small fraction of my contributions over my lifetime. If some people are getting benefits which exceed their contributions, fund them out of the real federal budget or deny them benefits.

KEVIN PARK

North Hollywood