I was amused by the Sun Journal's concern (editorial, Dec. 14) that the reduction of Social Security withholding rates by 2 percent would put the "program that works" in some jeopardy. The concern was that future benefits would have to be funded by Congress, as not enough would be collected from America's working people.
The editorial writer seems to think that all of the money that has been contributed to Social Security, plus that matched by employers, has been invested for the writer's benefit over all of those long years of pounding at the keyboard.
The writer is not alone; many people still believe that their contributions have been "put away" for their retirement years. Imagine their dismay when they find out that all of those contributions have already been spent by Congress, both Democrat and Republican. All we have to show for the 6.2 percent are IOUs. Those IOUs are in the form of government bonds, several trillion dollars' worth that can only be converted to cash by some future vote of those similar, honest congressional types who have already spent our "nest eggs."
Guess where the funds will come from to convert those IOUs to cash in the future? That's right — then-current taxes.
Contrary to what is said, there is no "trust fund." People were taxed once, in the form of "Social Security."
We'll be taxed again, to convert the bonds to cash to pay future benefits.
Happy holidays, America.
Robert Stone, Auburn