Both writers are for keeping Social Security as it is and are against President Bush’s idea of reforming Social Security and particularly against personal retirement accounts.
Mr. Seufert implies that Social Security reserves are well funded because they are U.S. Treasury bonds and says, “American bonds have always paid off.” That is true, but we should realize that additional American tax dollars will have to be collected to pay off the bonds.
The bonds are safe because Americans have always come up with the additional tax money to pay them off. Not only do working Americans have 12.4 percent of their salary taken from them for Social Security, but they also will have additional tax money taken from them to pay off the bonds.
Mr. Queeney, on the other hand, speaks disparagingly of the Galveston Plan, the retirement system of Galveston, Texas, that pays between two and three times the monthly Social Security payment. A worker in Galveston owns his retirement account and does not depend on the government. The Supreme Court, in two separate decisions, has determined that a retired worker has no right to Social Security.
Thomas Hauck
Pittsboro
