Letter: Social Security is more than just sick — it’s dying

What planet do Froma Harrop and economist Dean Baker come from?

Social Security is not only sick — it’s just about dead. They think there is money in the trust fund. The only thing there is IOUs.

Granted, if the money had physically been left in the trust fund and drawing interest, Social Security would be better. Even saying that, I am an investor and if I proposed this type of investment to individuals, I could be sued or even go to jail.

This is a Ponzi scheme, which means early investors are paid off with money put up by later ones. I’ve run the numbers, and if all my money that was deposited in my Social Security account was put in a private plan in a 4.6 percent CD — this is not stock market and no-risk — I would double my Social Security check to age 100 and still leave my beneficiaries $23,931.

If Social Security is so stable, why are the solutions raising taxes, raising retirement ages or both? Ms. Harrop also said the stock market has not been this nasty since 1970. I guess she forgot about 1987, 2000, 2001 and 2002 stock markets.

Larry Gregory
Mooresville