LETTERS: PLAYING STOCKS NO SUBSTITUTE FOR TRUST FUND

To the editor:

Yes, Virginia, there is a Social Security Trust Fund. Prominent naysayers say it's not so, albeit with the purpose to trumpet the privatization of it. Others have the effrontery to contend that the bonds supporting the fund will never be redeemed. Alan Greenspan countered this by saying the trust fund is indeed an asset. These bonds are backed by the full faith and integrity of our government.

The Social Security system was set up in 1935 at a time of national crisis and despair. It has served as a major component of our national well-being. In the 1960s, the income from it was included in the unified budget simply as general income. In the raucous spending of the 1980s and 1990s, the surplus from payroll deductions was borrowed by the government and replaced with special bonds. This money was spent for all of those special needs we have which our representative and senator have to bring home for constituents.

Whatever the balance in this fund, it is certain this will be needed in the foreseeable future to make up for the expected shortfall of payroll deductions. Now comes the desperate idea that we can hedge our bets and put part of our money into the stock market. Are we going to renege on our promise and relegate the future to the vagaries of the stock market? Or are we going to be true to our original pledge?

GILBERT DEGENHARDT

Cape Girardeau