Social Security

* Re “Ponzi Game Needs Equitable Solution,” Commentary, April 11: The authors neglected to mention the key consideration which makes “saving Social Security” so phony. When the Treasury issues bonds in exchange for contributions to Social Security and credits the trust with that debt plus the interest it earns, it is only adding to the load on the backs of the taxpayers.

In switching huge sums from one pocket to the other, it does nothing constructive because it creates no additional wealth. That’s because interest paid by the Treasury comes from the taxpayers.

If Social Security proceeds were invested in real companies that made real returns, creating real wealth, we might actually save Social Security without draconian new rules. The trick is to make the trust completely independent of political meddling--a tall order, but not impossible, as witness the retirement funds of many states.

J.C. TOOMAY

Carlsbad