The Future of Social Security

New York City

William Greider's "The Man Who Wants to Loot Social Security" [March 2] grossly misrepresents Pete Peterson and the Peter G. Peterson Foundation's views on Social Security reform and overlooks some large and inescapable truths.

Both Republicans and Democrats in Washington have charged everything to the nation's credit card, including tax cuts and spending increases, without paying for them. Washington's imprudent, unethical and even immoral behavior is facilitated by a lack of transparency and accountability. As of September 30, 2008, the government was in a $56 trillion-plus fiscal hole, according to its official financial consolidated statements. This amount is equal to $483,000 per household and $184,000 per American. Left unchecked, this burden will rise every year by $6,600 to $9,900 per person, even with a balanced budget.

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