Dear Editor,
It’s disappointing to see how ill informed (or intentionally deceitful for political purposes) some are, regarding the financial state of our economy. To cite just two recent examples of comments to the Readers’ Column:
The claim of a $2.8 trillion Social Security trust fund surplus is repeated weekly in the Pennysaver. The fact is, according to the Social Security Trustees Report, “Social Security ran a $71 billion deficit in 2013, closing out four years of consecutive cash-flow deficits as the program’s unfunded obligations continue to grow.” This $71 billion shortfall is part of the $680 billion national deficit for 2013, which increased our ballooning national debt to over $18 trillion.
What about the claimed $2.8 trillion Social Security surplus? There is none. Your government spent it and put a bunch of paper IOU’s in its place. The combined 75-year unfunded obligations of the Social Security and Disability Insurance Trust Fund are $13.4 trillion. The current Social Security system, of which I am a recipient, is broke and will require structural changes if it is to be available for our children and grandchildren. Demagoguery won’t solve the problem.
The other example concerns the new Owego Elementary School (OES) and the claim that “for all intents and purposes all the new buildings are free from your personal pocketbook’s perspective.” Further, that “the financing is all from FEMA and NY State.” So, where did FEMA and New York State get the money to pay for OES? From the tooth fairy, perhaps? No, you as a consumer and taxpayer in New York (the highest state and local tax state in the country) helped pay for OES. One wonders just how much of FEMA’s financing of OES ended up as part of the $680 billion deficit in 2013 or earlier years.
Finally, no I don’t “think the new buildings should just be a collection of Quonset huts,” but neither do I want to go broke erecting the Owego Taj Mahal. The emphasis and funding levels should be on achieving student academic excellence. The new OES, while an attractive building, will not contribute to that end.
Sincerely,
Dieter G. Dauber
Owego, N.Y.
