THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Friday, May 26, 1995 TAG: 9505240009
SECTION: FRONT PAGE: A18 EDITION: FINAL
TYPE: Letter
LENGTH: Short : 46 lines
I never recall as many responses to a letter published in your paper as to a recent one on senior citizens and Social Security. But each response ignored the thrust of the original letter - that Congress must eliminate the waste, the abusive corporate subsidies and irresponsible pork projects in order to reduce our $5 trillion deficit. Then, and only then, should Social Security share the pain of deficit reduction.
I am 25 years away from qualifying for Social Security. I am concerned that there will be nothing left for my wife or me when we qualify. None of the responses addressed this issue. The attitude appears to be that we have a contract and young people should take care of themselves. How can we take care of ourselves, if all that we are paying in will have been disbursed by 2022 when we qualify for Social Security? More than 50 percent of American working families have annual Social Security payments greater than their income-tax payment.
When Social Security was passed in 1937, only 1 percent of earnings up to $3,000 was withheld. At midpoint in the life of Social Security, 1967, payroll deductions were only 2.5 percent. Since 1967, payroll deductions have gone up to 7.65 percent. In 1972, with a balanced budget and Congress wanting to make ``Brownie points'' with senior citizens, a bill was passed to increase Social Security benefits 20 percent and tied future benefits to the consumer price index. This guaranteed Social Security increased payments during times of inflation regardless of the state of our economy.
Between 1965 and 1983, Social Security payments increased 332 percent while salaries of workers increased 163 percent.
Young people want senior citizens to live comfortably, but they must help solve this very serious problem. They cannot bankrupt the Social Security fund and leave a legacy of a $5 trillion debt. Their lobby association, AARP, fights every attempt to deal fairly with the problem. My wife and I are entitled too to the security that our seniors are enjoying. It is up to Congress to face up to this serious problem and find an equitable solution that is fair to seniors and to their children.
JEFF EVANS
Norfolk, May 9, 1995 by CNB