The real challenge to Social Security
I thought Bill Hartman (Fence Post, Friday) was a bit rough on Frank Sears (Fence Post, Tuesday).
Bill implied that Frank kept his savings in a mattress, and most damning of all, he was probably a Democrat.
Bill, I am a retired Democrat living comfortably off my 401K and other investments.
In defense of Frank, he was merely concerned that Congress would invest our Social Security Trust Fund in bad stocks and lose most of it.
I have some terrible news. There is no Social Security Trust Fund. There is no money to invest or lose.
Starting with LBJ, Congress has transferred the extra Social Security taxes to the General Fund and spent it.
Congress issued worthless treasure bonds to pretend that the trust fund still exists.
The really bad news is that Congress' shell game is about to run into trouble. Within the next few years, the amount of Social Security money collected will be less than the amount paid out.
At this point, ordinary tax revenues will be needed to meet part of the Social Security payroll.
Winfield Green
Mount Prospect