THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Sunday, March 19, 1995 TAG: 9503170020
SECTION: COMMENTARY PAGE: J4 EDITION: FINAL
TYPE: Letter
LENGTH: Short : 29 lines
The Balanced Budget Amendment was defeated in the Senate because some Democrats and one Republican felt that the Social Security Trust Fund might ultimately be used to balance future budgets.
When the Social Security Act was signed by President Roosevelt in 1935, it was intended that Social Security would provide retired workers with a small monthly stipend. Today Social Security is the primary source of income for about 25 percent of all retiring workers.
About 22 percent of the total federal budget funds Social Security benefits. It is evident that Congress lacks the fortitude to appropriately address this problem. It is also apparent that many favor a balanced budget so long as it does not affect them personally.
Congress should appropriately address all of the entitlements. Those falling within certain income levels should agree to have monthly payments reduced and pay taxes on all Social Security benefits. I'm included.
MYRON O. WILCOX
Norfolk, March 9, 1995 by CNB