- The Washington Times - Monday, April 19, 2010

ANALYSIS/OPINION:

The recent article by Jennifer Harper “Retirement delay seen key to solvent Social Security” (Politics, April 8) offers a potential solution to the huge demands aging baby boomers will put on Social Security.

The statement that Social Security and Medicare will go broke under these demands is erroneous. Social Security and Medicare are already out of money and depend on deficit spending. Politicians, pundits and the uninformed population still believe there is money available in the nonexistent trust funds. Social Security and Medicare are pay-as-you-go Ponzi schemes that can’t be made to work in their present forms.

Economists and others who think late retirements will save Social Security are dreaming. Older people working after they are eligible for Social Security can still collect Social Security benefits, and most do. Many of them are still working because they need the money, especially during this recession.

The economists responsible for this study should stop wishing for miracles and analyze real data. A good eye-opening study for them would be to figure out what percentage of the aging population would have to forgo collecting Social Security benefits altogether to keep the program solvent for the future.

JOHN T. MCVICKAR

Vienna, Va.

LOAD COMMENTS ()

 

Click to Read More

Click to Hide