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Letter: Social Security changes could make it Bad Deal

Friday, March 25, 2005 | 3:32 a.m.

WEEKEND EDITION

March 26 - 27, 2005

The president is pushing very hard to make private stock market accounts a part of Social Security, but he won't give any details. The main reason the Republican Party has steadfastly fought against Social Security, since 1935, is because the employer's matching half of the tax is costing corporations billions of dollars annually.

Will the president's plan require the employer to match the employee's funds that go into the private accounts, or will businesses be let off the hook for their half? And since the funds won't be going to the government, who will make sure that the employer pays the money into the account?

Forty years from now, if we continue to send our manufacturing jobs overseas, the stock market might not be such a great investment, unless it is the Chinese stock market.

JIM RILEY

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