Start Social Security reform with a move away from D.C.

Start Social Security reform with a move away from D.C.
EDITOR:
There have been many letters and op-ed columns written about President Bush's proposal to reform Social Security. The central feature of these proposed reforms is the idea of, if not completely privatizing it, at least setting aside a portion of an individual's account so that person could invest it himself as desired. The impression is given, whether it is intended or not, is that not only could Social Security be "saved," but that the Social Security pensions payments would be greater than they are now.
One item appears to be absent from all the discussions favoring reform, especially from the writings of the proponents of Bush's plan. The arithmetic of what they say could be accomplished.
I worked under a plan similar to what the reform proponents are pushing. If Social Security were to be privatized, or an individual were to invest a portion of what is withheld from their wages for Social Security, they would need to invest a minimum of 22 percent of their salary over a period of at least 30 years. This is something the privatization proponents don't tell you, and probably don't understand or believe themselves.
Then, after that 30 years, they could expect an annuity of about 60 percent of their average salary for their last years of working. This only if the costs of investment were the 7.1 points paid by the plan under which I worked, a point being equal to one hundredth of a percent. Since the industry average is 22 points, it would probably be less.
Of course, the Wall Street investment brokers would like to have Bush's plan fully adopted. Having had charge of the Teamster's pension fund, and badly depleting it by unnecessary "churning," they would now like to get their claws into the Social Security funds so they can milk them in the same way.
Do I have any ideas? Yes. Why don't they simply take the plan, restore it to the original form it had under Franklin Roosevelt, that is an insurance plan that would pay out an annuity. Charge premiums that would cover the costs over a year, the premiums being collected up front from everybody's gross compensation. Then, if costs exceeded income, raise the premiums. There are those who say the government should operate more like a business. Well, this would be the businesslike way to operate.
Oh, yes. The headquarters should be moved to somewhere in the Midwest, say, maybe, Muncie, Indiana, or Springfield, Ohio. That would move it away from the exotic atmosphere of Washington.
JEROME K. STEPHENS
Warren
Revitalization begins here
EDITOR:
If it wasn't so sad, I would laugh at how all politicians in Warren and surrounding communities are now trying to "revitalize" these areas.
Where were they many years ago when the manufacturing plants started leaving our area? Why weren't they concerned about our area at the first sign of trouble? These people are supposed to be educated and should have known that if plants are leaving in record quantity and none are enticed to come to our area, there will be a problem.
I challenge people who oppose the casino proposed for Lordstown to come up with a better plan. If you are critical about this project, then you should be able to back up your criticism with a viable plan for well paying jobs to come to our area.
We have wonderful people who have a strong work ethic but cannot show what we can do when there are no well paying manufacturing jobs. Here is a new concept, quit sending our jobs overseas.
Put your plan where your mouth is.
PAT ZOCCALI
Warren
Effective energy policy requires new ideas
EDITOR:
It appears Mr. Bush and his cronies in the energy field are putting an economic gun to the consumer's head, saying "Empty out your pockets." Let's not forget Mr. Bush was an oil man from the start.
It's not enough that the oil industry reaped profits of 26 percent last year (with Exxon/Mobil leading the way with a 63 percent increase in profits), Mr. Bush now proposes to freely give the oil industry closed military bases to convert into oil refineries. The same industry that closed 24 refineries over the last decade in a successful attempt to squeeze gasoline supplies to maximize profits (according to the oil industry internal documents).
Now he is calling for the consumer to foot the bill for any regulatory delays that would stall the building of new nuclear plants. Our tax money would be going to the same industry that brought us the Three Mile Island and Davis-Besse emergencies.
If Mr. Bush were serious about an effective energy policy, I believe he would be pressing for accelerated research and development of alternative and renewable energy sources. If he was serious why has he not pressed for oil drilling off the coast of Florida with the same fervor he pursued drilling in ANWR. ANWR will provide less than 2 percent of our daily usage and will not be available for 10 years. Who knows how much oil sits off the coast of Florida? Could it be because his brother is governor of Florida? I believe it is time to follow Japan and Brazil into the future instead of Mr. Bush and Co. into the dark ages of the past.
WILLIAM BARRON
Youngstown
Check the line: Odds are your church doesn't gamble
EDITOR:
To all the people that believe the reason ministers and churches are against gambling is because it takes away money from bingo games they operate. Let's check the facts and set the record straight. Within the city limits of Youngstown, there are 228 churches. Of those 228 churches, according to the Ohio State Attorney Generals Office, only six (less that 3 percent) have bingo licenses, of those six all are Catholic churches.
Please don't paint all other churches or other denominations with such a broad brush. The rest of the 222 churches (97+ percent) get their money by other means than gambling, mostly the Bible way, through hearts of their members giving tithes and offerings.
CHUCK SWANSON
Youngstown