Dear Senator/Representative part 2

Reader HM suggests this sort of letter to Congress:

Senator/Representative _________:

I am writing to you to ask you to join the fight against those who want to “privatize” / “personalize” or otherwise roll back the Social Security retirement insurance program as we know it.

As I’m sure you know, to ensure Social Security had the funds to meet the baby boomer’s retirement this century, back in 1985 Alan Greenspan and the Democratic Congress changed the plan to overtax FICA payers so that the baby boom could pre-pay their retirements.

But now that the program has over-taxed FICA payers over $1.5T (Trillion), and has another $1T of accrued interest, very powerful forces are at work to essentially steal this money from middle class ratepayers like me.

These monied interests are demagoguing our Treasury bond holdings as “just worthless IOUs”, “we just owe it to ourselves”, “Congress spent the money already” etc. in the attempt to confuse the electorate about who now owes whom this $2.5T (and growing).

It is NOT true that SSA’s bonds are “worthless IOUs” — the Treasury Bonds held by SSA are just as real obligations of the US government as any other government agency’s, including for example the Alaska Permanent Fund, which holds $2.5B of Treasuries per their latest report.

It is NOT true that “we just owe it to ourselves” — since Federal income tax payers are overwhelmingly well above the FICA cutoff, it can honestly be said that when the SSA Treasury bonds are redeemed to the Treasury, to raise this extra cash either a) the wealthy must pay via higher taxes, or b) we borrow the money, [or c) we print it, but I don’t want to go there].

While it is true that Congress has spent the money, that’s part of the original plan. Now that the money has been spent into the economy, our economy has grown greatly since 1985 and we can and I think should now begin redeeming the bonds for the retirees who, having paid so much extra into the SSI retirement system, are now beginning to draw their money out via regular SSI checks.

While there can be honest differences of opinion about how best to draw down our $2.5T holding, I urge you to do your part as my representative to preserve the system and prevent these rat bastards from STEALING MY MONEY.

Thank you.