I’m writing in regards to the alleged “Social Security crisis” and the claims that private accounts should be created alongside the current system. I am amazed that the proposal is even being considered because there is no crisis. Right now there is a surplus; the government takes in more money than it needs. That surplus is expected to last until between 2017 and 2019. However, there is still a huge amount of money — $1.635 billion — in the Social Security trust fund that will last until 2042, according to the Social Security Administration, or 2052, according to the Congressional Budget Office.

This may be an issue if current deficit spending continues, but no one knows what will happen in 30 to 40 years.

After money from the trust fund runs out, the projected revenues will be able to pay for between 73 and 78 percent of the cost, depending on whose figures you use. A large portion of the money lost could be regained by repealing the Bush tax cuts and, at a later point of economic prosperity, increasing the upper limit to generate more revenue, as was done in 1983.

“If the ceiling were raised to $110,000 to cover 90 percent of the country’s income from wages (the level set by the Greenspan commission in 1983), it would eliminate approximately 40 percent of the projected funding shortfall,” according to the Center for Economic and Policy Research. And according to the Social Security Administration, “Social Security could be brought into actuarial balance over the next 75 years in various ways, including an immediate increase in payroll taxes of 15 percent or an immediate reduction in benefits of 13 percent.”

Essentially, there is no serious budgetary threat, and the issues that do exist can be remedied without major changes.

The proposed plan to “privatize” is for a nonexistent problem and does not offer a solution. It fixes nothing: It simply reflects an ideology that is being pushed. Social Security is not about promising large gains, but providing economic security.

The proposed dual system would undoubtedly raise overhead costs while promising nothing in return. Even if some do make more money with the private accounts, there will be those who make less and they will have to be compensated. Privatization is misleading people with claims of high returns while neglecting the security that Social Security was meant to provide.

Joseph Dunkle

Sophomore

Political Science