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Absent entitlement reform, the Ponzi scheme will come crashing down

Recent letter writer Robert Gregorich, who is “on Social Security and Medicare,” writes he is “very scared” about changes that may occur to them. I, too, am covered by both and can assure him that nothing will change for either of us. If changes are not made, however, our children, grandchildren and great-grandchildren will be the losers. The whole Ponzi scheme will eventually fail — period.

With three caveats, I, for one, would be more than willing to see all Social Security benefits reduced by up to 10 percent. Those caveats are: 1) Congress passes a binding balanced budget amendment; 2) The money derived from any cut be used solely to pay down the national debt; 3) The money saved from the reduction in interest paid on the debt be deposited into the Social Security Trust Fund to restore its solvency.

We made the debt; we profited from the debt. We owe it to future generations to pay it back — period.

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