To the editor:

Re: Fix Social Security, April 2

Star Parker, in her piece on Wednesday touting privatizing of Social Security, ignored two facts that completely unravel her tale.

First is that during the Golden Era she idolized — the Post-War years — the marginal tax rate for wealthy people like Elon Musk, Trump, and probably Star Parker was over 80 percent. At those tax rates wealthy people were forced to invest their money in plant and equipment to avoid paying those outrageous tax rates, and manufacturing flourished. Today in our Reagan rate of 35%, any increase in our manufacturing capacity will be paid for by Tariffs, which in fact are taxes on the consumers.

The second fantasy is that if the government doesn’t extract the 12.4% of earnings, everyone can invest that money and reap the marvelous benefits of capitalism. The reality is that 50% of workers make $40,000 or less. In this world that is barely enough to exist, and to imagine that these workers who are scratching out every penny just to survive will voluntarily invest 12 % of their earnings for the future is pure fantasy. What we would end up with in Star’s world is probably 50 to 60 percent of older Americans existing on charity, relatives…or maybe the government…to just exist as they wait to die.

Not a pretty picture. Much better to have a system where the people together, through the government, invest for their own futures with the promise of perhaps a chance to enjoy life. A privatized system is just another scheme — like Tariffs — to transfer wealth from the poor to the immensely wealthy.

George Downs

New Ulm