Letter: Social Security excess must go to private sector

Thursday, Dec. 13, 2001 | 8:42 a.m.

Several years ago the White House administration called for 12 months of dialogue on "how to save Social Security." Nothing happened at the end of 12 months.

In a similar manner the current administration has heard the proposals of a commission to save Social Security. The commission has presented some thoughts, which they suggested should be debated in Congress. That could take more than 12 months. Sounds like another stall to get them safely through the next election.

To understand the obvious solution we must take into account what has happened since the inception of the Social Security program in 1936. Each year, from 1936 to the present, the Social Security premiums collected have exceeded the benefits paid out.

The total amount of such excess amounts exceeds $5 trillion. That amount has been spent by our elected officials in Washington, D.C., on various programs, and some very worthwhile -- such as the programs during the Great Depression to stimulate the economy, the financing of World War II, etc. However, much of it has been spent on pork barrel items and other programs to ensure the re-election of those in power.

The only solution to the Social Security problem is immediate action by the federal government to put each year's excess of Social Security premiums, paid in over benefits paid out, into the private sector. This could involve the stock market, bank certificates of deposit, and other investments that would stimulate the economy.

It's so simple that the most glib of our representatives in Washington could convince we, the common people, otherwise.

LARRY JOHNSON