For how many years now have we heard from various administrations and the Congress that the Social Security System is running out of money? We're also told routinely that the income from the standard withholding tax is insufficient to cover annual obligations. A natural consequence is that simply meeting Social Security demands increases the national debt.
I am amazed that in this situation the administration and the Congress are enthusiastically supporting a temporary reduction in the withholding tax! The standard mantra is that this "relief" will give 160 million American families about $1,000 each to spend in 2012. This amounts to a $160 Billion assault on the Social Security system. In 20 years at only 3 PERCENT interest the $160 Billion would become $289 Billion.
Families that receive this $1,000 windfall would be well advised to put it into their IRA accounts rather than spend it. They will need it at retirement. This short-term blatant attempt to buy votes by attacking the Social Security System will short-change everyone in the future.
R.L. GORDON, Richland
