January 16, 2004

Re: Bush's upcoming privatization effort

My enclosed Letters to the Editor make the following points to help you better understand George Bush's anticipated privatization proposal:

Christian Science Monitor

Shoehorning Social Security into individual accounts is like forcing a square peg into a round hole. (Jan. 8, 2004)

Social Security's return beats the securities markets. (Aug. 1, 2002)

New York Times

Social Security is not running out of money. The appearance was created by the trustees, starting in 1983, by using costly assumptions. (Dec. 29, 2002)

To generate a long-term Social Security deficit for political attack purposes, the politicized trustees, prevailing on their actuaries, acted much as Enron's executives did with their accountants to create nonexistent profits. (June 22, 2002)

Contact me if you have any question or comment. With best regards,

Sincerely,

David Langer
Chairman (1989-2003)
Employee Benefits Committee
Actuarial Society of Greater New York

© 2001 DAVID LANGER COMPANY, INC.