I'm writing in response to Mr. Mark Ernest Reza's letter of Tuesday, March 1, 2005, regarding his opposition to privatizing Social Security.
His fact related to the Dow Jones Industrial average dropping 174.02 points on Feb. 22, 2005 is true. However, he chose not to tell you that the Dow Jones average on February 25, 2005, was 240 points higher than it was on February 22, 2005.
In order to be fair to Mr. Reza's comment, he only mentioned what happened in the stock market on one day, which I feel amounts to a short-sighted description of the stock market. Not mentioning what the market did three days later could be his intent to distort the facts. The facts are, the stock market has risen during the past two years, as follows: Dow Jones up 2,837.87, NASDAQ up 1,203.54, and Standard & Poor's up 361.82.
The far-left Democrats continue to take things out of context, distort the facts, and publish them as the truth with the intent to frighten the public.
Mr. Reza, it is one thing to completely miss the point with your "Hate Bush" attitude, but to outright ignore the truth of the Chilean privatization of Social Security tells me that you either haven't read the facts or you can't understand the facts.
In 1980, the government of Chile replaced a government-run pension system with a privately administered national system of Pension Saving Accounts. After 15 years of the operation of the PSA's, the pensions were found to be 50 to 100 percent higher than they were in the pay-as-you-go former system. By 1995 the resources administered by the private pension funds in Chile amounted to $25-billion, or around 40 percent of Chile's Gross National Product. The growth rate of the Chilean economy during that period was up from 3 percent a year to 6.5 percent a year and the unemployment rate dropped to 5 percent.
Some failure, Mr. Reza!
As for your 85 year-old mother, please tell her that you just learned that proposed changes in Social Security by the Bush Administration won't affect her, those over the age of 55, nor those who are currently receiving Social Security.
Bob Hibbert, Star Valley