Wednesday, June 27, 2012

Letís really fix Social Security


Your "Divided means conquered" editorial (June 13) fails to provide a useful solution and continues to perpetuate the public's misunderstanding of the Social Security system.

Our system is based on payments made by our current workforce going directly to make payments to retirees. Since the ratio of retirees to the workforce is constantly increasing, this model will soon not be able to provide expected retiree benefits. These expectations exist because retirees have made regular payments into the system (along with payments made by their employers) during each of their working years.

If we are really concerned about increasing wealth for the middle class, as I am, we would move directly to a system such as the one that exists in Singapore. I am very familiar with the system, as I lived there in the 1970s, when it started, and have returned regularly.

At that time, the country was very poor. Young manufacturing workers were making higher wages than their parents had ever made. They were required to contribute every payday into a government-controlled Central Provident Fund, and their employers were required to match the contribution. These contributions went into an account in their own name, and the proceeds were invested in government bonds. Eventually, they were able to invest some of the funds into high-quality equities.

As these people have retired, they have created substantial wealth in these accounts, which they personally control. The government only provides guidance on acceptable investments, along with administration. Therefore, the people are not dependent on politicians, and the country has created an enormous middle class as a result.

This country's real problem is that our politicians want to be seen as protecting their constituents' "Social Security" rather than moving to a system that would create real and predictable wealth for Americans.

It is time we woke up and elected people who will pursue our interests rather than their career interests.

Raney Dennis

Ketchum




About Comments

Comments with content that seeks to incite or inflame may be removed.

Comments that are in ALL CAPS may be removed.

Comments that are off-topic or that include profanity or personal attacks, libelous or other inappropriate material may be removed from the site. Entries that are unsigned or contain signatures by someone other than the actual author may be removed. We will take steps to block users who violate any of our posting standards, terms of use or any other policies governing this site. Use of this system denotes full acceptance of these conditions. Please review the full rules governing commentaries and discussions. You are fully responsible for the content that you post.

The comments below are from the readers of mtexpress.com and in no way represent the views of Express Publishing, Inc.

You may flag individual comments. You may also report an inappropriate or offensive comment by clicking here.

Flagging Comments: Flagging a comment tells a site administrator that a comment is inappropriate. You can find the flag option by pointing the mouse over the comment and clicking the 'Flag' link.

Flagging a comment is only counted once per person, and you won't need to do it multiple times.

Proper Flagging Guidelines: Every site has a different commenting policy - be sure to review the policy for this site before flagging comments. In general these types of comments should be flagged:

  • Spam
  • Ones violating this site's commenting policy
  • Clearly unrelated
  • Personal attacks on others
Comments should not be flagged for:
  • Disagreeing with the content
  • Being in a dispute with the commenter

Popular Comment Threads



 Local Weather 
Search archives:


Copyright © 2020 Express Publishing Inc.   Terms of Use   Privacy Policy
All Rights reserved. Reproduction in whole or in part in any form or medium without express written permission of Express Publishing Inc. is prohibited. 

The Idaho Mountain Express is distributed free to residents and guests throughout the Sun Valley, Idaho resort area community. Subscribers to the Idaho Mountain Express will read these stories and others in this week's issue.