Social Security is our soundest financial entity

Published: Monday, January 24, 2005 at 6:01 a.m.
Last Modified: Sunday, January 23, 2005 at 10:33 p.m.
The Social Security fund is not going broke. Current payroll taxes will be sufficient to meet full payments until at least 2018. In addition, since the Social Security Act provides for a budget independent of the rest of the U.S. government and currently is running a surplus, the Trust Fund, in its present form, will last for a long time - 2042 according to the Social Security Administration, and 2052 according to the Congressional Budget Office.
Add to the above the more than $1.5 trillion Social Security surplus borrowed from the fund, beginning with the Reagan administration, to meet U.S. government expenses, and the Social Security fund is the soundest financial entity we have. It's not going broke and, while some minor changes may be indicated, must be retained as a major contributor to the health of our democracy.
Marjorie J. Allen, Gainesville

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