Letters: Mixed views on Social Security's returns
Newsday's article about new retirees receiving less money than they have put into Social Security ["New retirees will lose out," News, Aug. 6] belies the tales that Social Security is a Ponzi scheme.
The reason we have a deficit in the Social Security system is the generosity of our government to past generations. But it was the mothers and fathers of those generations who gave up their sons and daughters to serve and often die in the defense of our country (World War I, World War II, Korea, Vietnam). I do not lose any sleep over our nation's largesse to our ancestors.
Chet Gerstenbluth, Plainview
So new retirees will most likely pay more in Social Security taxes compared to benefits received during their projected lifetimes. How bad is that?
To top this off, the benefits, in many instances, are taxable if the recipients have other sources of income. That's double taxation. There is no deduction for Social Security tax. And not much equity in U.S. tax rules.