Taking big bucks out will sink the system

Published: Monday, May 23, 2005 at 4:30 a.m.
Last Modified: Monday, May 23, 2005 at 12:00 a.m.

To The Editor: I read the letters proclaiming the wonders of compound interest and the advantages of investing in the stock market. Some writers think that if they besmirch the term "liberal" loudly enough, folks will overlook faulty reasoning.

No one questions the advantages of compound interest, nor the value of wise and knowledgeable investment in stocks. Anyone with sufficient income should do so. However, it should be totally separate from Social Security.

Remember the Republicans who're promoting this fought the minimum wage, and will fight to prevent any increase.

How can we expect folks to whom we refuse to pay enough to live on to put some of that meager sum in the stock market? They cannot. Only upper-middle to high-salaried people can withhold their contribution from the system. But taking the "big bucks" out will effectively kill the program.

Contributions from the whole range are necessary to keep the system solvent.

The solution to Social Security is the same now as when it started. Those who'll benefit must contribute in amounts to keep it solid. We don't have to raise withholding. Just raise or remove the salary cap so upper-income salaries contribute at the same percentages as lower incomes.

Ed Walker



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