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Letter: Social Security just needs tweaks

Thursday, Jan. 20, 2005 | 9:08 a.m.

Americans should be aware that Social Security is not in any immediate danger despite what the Bush administration is saying. The Congressional Budget Office estimates that the Social Security system is solvent until 2052, and the Social Security system itself says 2042.

Yet President Bush is going around trying to scare people by saying it will soon be flat broke. It's all nonsense. This is all part of his campaign to set up private accounts for current workers by using a portion of their Social Security taxes.

He won't tell you this, but it will require borrowing up to $2 trillion to cover the shortfall this would create, adding to the $7.5 trillion we already owe. Experts tell us that by merely raising the tax 1 percent would extend the solvency until 2077. Raising the cap on taxation -- which was set in 1983 at $90,000 and is still that today -- up to $140,000 will also be very helpful. Let's not rush into anything that could create a problem for retirees in the future.

RICHARD J. MUNDY

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