Thursday, Feb. 24, 2005 | 9:29 a.m.
Your Feb. 21 editorial headlined, "A crisis in name only," states that if nothing is done there wouldn't be a reduction in Social Security benefits until 2042. True, but there is still a crisis. It's not in Social Security funding but in the funding of the federal government.
The Bush administration's "no tax, just spend" policy has created annual deficits as far as the eye can see. On top of this, in 2018, Social Security will start redeeming government bonds from the lockbox. The bonds are there but the money isn't -- we already spent it.
Government will have to borrow even more money to pay Social Security recipients what was promised. This additional debt burden will force our government (taxpayers) to pay a much higher interest rate when borrowing to cover our debt. Once this starts, the problem just snowballs.
There is a crisis, but it's not in Social Security -- it's at the Treasury.
RICHARD RYCHTARIK
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