Letter: Social Security doesn’t need radical changes

Wednesday, Aug. 1, 2001 | 8:50 a.m.

When Democrats bring attention to voters about Republican attitudes and policy proposals toward Social Security, they are accused of "scaring seniors." (It is the Republicans who scare me and, I suppose, other seniors.) But just look around and you will see Republicans doing a little "scaring" of their own.

For years they have been telling young people that they will never get a Social Security check under the present system and the way to make sure they do receive a check is to roll the dice with their payroll tax contributions by investing them in the stock market.

They have done a good job of this, if the enthusiasm of young people for partial privatization is any guide. But as usual, Republican operatives and Wall Street shills don't let facts get in their way.

Fact is, under the worst scenario with the current system, they are guaranteed at least 75 percent scheduled benefits in 2038, so we only have to worry about replacing 25 percent of lost revenue. Which as I see it (correct me if I am wrong) should be accomplished by raising the payroll tax 25 percent (1 1/2 percentage points, which shouldn't break anybody) in 2038 or in increments between now and then. The retirement age could probably be raised at that time without too much inconvenience, if needed.

So you see there is no need to radically change a system that has worked well for 60 years, especially when these changes could cause untold hardship for current and future retirees.

DAN OLIVIER