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| Letters to the Editor |
Grasping the Third Rail
03/31/2005
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Dear Editor:
Henry J. Aaron misses the point of President Bush’s plan to
privatize part of the Social Security program (“The Transition Problem,”
February 2005, page 32). He focuses on the difficulties of the transition.
There is an old saying that goes something like this: “Those who fail to
learn from history are doomed to repeat it.” The fact is that Social Security as
we now know it is actuarially unsound. That simply means a solution is required.
In its present form, it will fail over time. Bush has grasped the “third rail”
in politics and has demonstrated the courage that none of those who preceded him
appear to have had. Had the surplus in the system been invested in the S&P
500 index 40 years ago (rather than being squandered by elected representatives
on pet projects), today’s retirees would receive a check many times larger than
what they actually get, and the system would be solvent. That, I submit, is the
point that eludes Mr. Aaron and all those who do not like Bush’s proposal.
Imagine how the retirees around the country would react if they knew the
truth.Michael Shea
Nashville, Tenn.
Worth welcomes your comments, critiques and suggestions. Please direct
your letters to letters@worth.com.
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