RE: General Comments

["William J. Burrows" <bill_burrows@amecom.com>]

Mr. Marsden wrote and Mr. Johnson agreed

"Intergenerational Equity -- I consider this an abused topic. Yes,
earlier generations are making out much better from Social Security
than current generations can ever hope to do. However, in the bigger
picture, younger people are far and away receiving the better end
of the deal. Without even getting into non-governmental transfers
of resources (mostly education), earlier generations have built
the roads and other infrastructure that we take for granted, as
well as maintaining a level of general peace throughout the world.
That ANYONE should complain that these people are getting an extra
helping from Social Security is, when everything is considered,
absurd."

Just because you consider the topic "abused" and resentment of the
huge windfall to earlier generations "absurd" does not make it
true. How dare you presume to tell us how to feel and then misrepresent
the truth.  We (as taxpayers) spend even more today on infrastructure
and roads and everything else as was spent in earlier years, and
receive less in transfers of resources. The average tax load is
far greater today at all but the lowest levels of income than say
1930, 1950 or any year you pick. Read the data that has been
presented time and again on this thread. The average 1970 retiree
received 6 times the earned value of his (and his employer's)
payments based on the long treaury bond index into which the SSA
invests the trust fund. A forty year old today might get 3/4 of
the earned value of his payments if and only if future workers are
willing to pay even more in taxes. If those windfall benefits to
earlier retirees had been saved (or better yet less tax collected
to pay them), the debt "owed" to each subsequent cohort would be
correspondingly less.  Read Mr Larsen's data. We owe them nothing.
I am bitter; I am complaining and will continue to do so without
permission from you. The problem is that the damage is already
done. The horses have left the barn. An average worker retiring
today will only receive slightly more than his earned value (based
on average life expectancy) and a maximum worker will not break
even. You may elect to send the "deserving" elderly any portion of
your income but you have no right to volunteer mine. I want OUT
and my money back, every penny of earned value! No one has a rightful
claim on it.

I hate to be repetitive but I will again post the most elegant
statement of the problem made by Peter Ferrera, one of the most
recognized and widely read experts on this subject from his 1980
book, Social Security, Inherent Contradiction. Too bad the politicians
did not listen then. "The social security compact between generations
is itself a contract corrupted by self-dealing. The first generations
[have] taken unfair advantage of the absent generations. Under
traditional principles of equity, therefore, the 'compact' is
unfair, immoral, fraudulent, and voidable."