LETTERS: SOCIAL SECURITY NEEDS STABILITY

To the editor:

With the growing economy and the continuing run-up of the stock market, popular wisdom now has it that the Social Security Trust Fund left in the hands of the government is a poor investment. Prominent voices are beating the drums for partial investment of Social Security funds in private investment in the hands of each individual. The presidential candidates are responding to such popular urging with their own respective plan.

Whatever the pros and cons of this, it may be helpful to remember the establishment of the Social Security System. Certainly, at the time of its inception, the need was stressed. At the same time, the inclination of persons to spend money instead of saving supported the principle of saving the people from themselves and establishing a system that mandated savings in government custody instead of leaving such money in the hands of the individual. After the devastating experience of the stock market crash of 1929, having such money in the hands of the government was superior to having it subject to the vagaries of the private sector.

Americans are now caught up in the fervor of private investment. Whatever the outcome of the current debate, it is likely in the event of a severe economic glitch that Americans will call for the generous and reliable hand of good old Uncle Sam for support and stabilization as they do now. Perhaps it is not whether, but when.

GILBERT DEGENHARDT

Cape Girardeau