Who Pays, Who Gets With Social Security
Reading “ ‘Teetering’ Social Security: Other Views†(Jan. 15), I was struck by the self-serving tone and fallacious logic of the “greedy geezers†writing letters to defend the indefensible looting of the younger generation via Social Security. Among the specious arguments presented to justify their wanton disregard for the future of the nation, one in particular that always makes me nauseated is the old, “Well, if we had invested our money in the market and gotten 6% interest . . . blah, blah, blah, we would have made much more than we’re getting out of Social Security.â€
This argument stands on its head. The implication that a 6% return is conservative is nonsense. Imagine, if you will, that all of the Social Security money of the past 50 years had been immediately discharged into regular financial instruments. You’d be lucky to get 1 1/2% in real terms. It’s simple supply and demand. Ever heard of it?
All arguments such as the above make the simple fallacy of equating money with wealth. Money isn’t real. Only current production is real, and if a million dollars buys you one cracker, then if you have a million dollars, you are worth one cracker. The only way you could have had more wealth today than you do now would be if productivity had risen faster than it has, a problematic outcome at best. Every sober and non-emotional analysis done by experts has concluded that today’s retirees get much more out of Social Security than they ever put in.
The seniors of this country appear to have much the same apres moi, le deluge! outlook for the future as Louis XV of France. Yes, you steered this nation through some tough times. But I’ve got news for you: The younger generations work hard too. And they deserve something better than the overwhelming debts you are leaving them.
Just because you allowed your political leaders to swindle you into the grandest pyramid scheme of all time does not mean that the younger generation is obligated to shoulder the burden of your self-delusion.
REID G. REYNOLDS
Torrance
