Letter: Social Security is a self-investment

For the 45-year work career, the private sector employer and employee contributed 12.4 percent of salary to Social Security.

At the least, the payback should be the taxed amount invested at the 6 percent average rate of return, of long-term treasury bonds these past 50 years.

No one in their right mind would put their investment in a lockbox that pays no interest.

Government owes most Social Security investors a monthly check more than double the present monthly electronic deposit at age 65 until death.

For 35 years, our 12 percent self-investment for retirement has earned an average 9 percent compound interest and provides funding triple Social Security for fewer investment years.

The Social Security investment is worth nothing upon death. The self-investment, when withdrawn at a 5 percent annual rate after age 65, returns a check triple that of Social Security, and the principal remains almost undiminished in the will upon death.

By any measure Social Security is a Ponzi scheme.

No Federal or State employee should be immune from paying into this fraudulent program. Their pensions should be paid only if they self-funded at a 6.2 percent of salary rate for 35 years, and should be limited to Social Security levels instead of their current triple pension level.

Joseph J. Neff

Corning