What’s wrong with choice? | TheUnion.com

What’s wrong with choice?

The president’s plan would allow those who do not wish to change to stay with the current system. The current system provides for investment in U.S. bonds earning 2 percent. It also provides for SSI benefits and redistributes the amounts collected to lower income people and away from those who actually paid their payroll taxes. There is no iron clad guarantee that any benefit will actually be paid, since benefits can be adjusted by an act of Congress. Anyone who dies before age 65 loses some benefits and, if not married, will lose all that has been credited to his account.

Those who favor a change see private investment as a way to insure that the monies paid in are actually credited to their account. A person could currently invest in U.S. bonds that yield around 4 percent with no risk. The money would be in their account and should they die before benefits are paid out, it would be available to the heirs. The greatest advantage to private accounts is that it takes the control of the money out of the hands of government. After all, FDR wanted private accounts when Social Security was originally proposed.

Let the people decide. They will make the right choice for themselves.

William A. Robinson

Penn Valley

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