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Letter: Put Social Security back into a trust
James Niday
Nov. 14, 2016 12:00 am
Why has no one explained to those under 50 years what has happened to Social Security? I don't pretend to know all the facts. But Social Security was set up and operated as a trust separate from government meddling, and grew very nicely through investments.
Then Congress, which has always spent everything it could get its hands on, decided that it would borrow using promissory notes to be paid by future generations with higher taxes when needed.
So the trust fund, invested for the benefit of those who had paid over their lifetimes, was soon used up for other purposes.
Now future generations will have to pay off the promissory notes when those who have paid into Social Security need their retirement assistance.
The only way to save Social Security, for those just starting out to work, is to put it back into a trust that Congress can't meddle with, as Franklin Roosevelt intended.
James Niday
Cedar Rapids
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