Traverse City Record-Eagle

Archive: Friday

November 30, 2012

Letters to the Editor: 11/30/2012

Can't sustain itself

The Forum article in the Nov. 8 Record-Eagle by Eliazbeth Rose of the Campaign for America's Future was full of inaccurate statements.

The main inaccuracy was the comment about the Social Security system being in a massive "trust fund," growing trillions of dollars in the safest investments in the world.

Nothing could be further from the truth.

It is estimated that the current system will be broke by the year 2033.

The system, as presently structured, is a "pay-as-you-go" program so current benefactors rely on the current work force to fund their payments.

As more people are retiring, the amount of workers is dropping to support the growing number of retirees.

The bottom line with this is the ability to fund is not keeping up with demand.

The Forum article suggest there will be plenty of money for all when they retire in decades to come.

Maybe for 20 years, but unless something is done to increase funding, the current structure can't sustain itself with the growing retiree population.

The Forum article paints a somewhat rosy picture of the current Social Security system.

It might not be broke but it's moving rapidly in that direction.

Ed Mccall

Traverse City

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