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November 27, 2009

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Letter: Social Security idea has merit

Wednesday, Nov. 10, 2004 | 8:49 a.m.

Perhaps if we had chosen the term "personal account" instead of "private account" the notion of privatization of Social Security wouldn't be so prevalent.

In his letter printed Sunday, Richard Rychtarik complained of "universal privatization." If I did, in the private sector, what the government does with our Social Security money, I would likely end up in prison. It's called a Ponzi scheme." Ponzi did go to prison. Social Security is and will remain a government program.

These personal accounts will be available only to the young, and will not be required of persons not wanting them. Additionally, only a portion of a worker's Social Security money will be available to these accounts. The rest stays as is. A far cry from "universal."

Do I wish I'd had the option of a personal account when I entered the work force over 55 years ago? You bet!

JIM TIGHT

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