March 8, 2010
To The Editor,
Re: Adjusting to Reality (Op-Ed March 8, 2010)
Munnell”and Biggs’ opinion based “reality” fails the real world litmus test of daily existence for those living the “social security dream.” Their statement recipients “are relatively unaffected by the financial crisis” underscores this point. Many seniors lost forty percent of their savings and left the market forever; many live in states most greatly impacted by the real estate decline, losing forty percent of their home values. The combined events represent an unprecedented destruction of wealth.
Citing the Consumer Price Index is a tragicomic contrivance beset by jet lag as prices escalate precipitously. From Dec 31 2009 to April 1, 2010 supplemental health care and prescription costs increased 39% and 36% respectively, these increases not reflecting additional $100 deductibles and higher co-pays. While borrowing rates are 18% or higher, rates on CD’s, the mandatory senior safe investment, are .002%.
Rather than launching an assault on seniors who paid taxes all their lives, many whom are veterans, the country should honor promises made.
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