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Show r v U - Till. DAILY HIRALD. Prim., I 'tab. Sumti. August Wave off 1(1. IW absurdity an omen Time to retire Social Security zanies times ahead By Daniel 01 J. Mitchell COMMENTARY On Aug. 14, Social Security turns 62 years old. But instead of celebrating with cake and Milwaukee, a jury awarded $26.6 million in to a former Miller employee fired from his r job for about an telling a upcoming episode of "Seinfeld." Miller Brewing is one of the show's commercial In dam-agc- s ON THE MARK s;t").00(j-per-yea- V2s sponsors. Dateline Roswell, N.M.: lordes of Trekkies, Art Bell aficionados and some members of the lunatic fringe gathered last month to commemorate the 50th anniversary of an alleged UFO crash landing near the city. I Mark Eddington recorder offices, where many if not inspiring an aspiring candidate is filing to run for political office before the Aug. 15 deadline expires. Yes, it's politics as usual, where absurdity and gauche reach new heights. July 15, the first day candidates could file, heralded the beginning of the "Silly Season," otherwise known as the election season. No matter what it's called, it portends trouble for everyday, more politically challenged Joes and Janes. For starters, it means opening the newspaper and reading letters to the editor written by party hacks masquerading as political independents. It means coming home to find your yard staked out without permission, of Meanwhile, at the "Crossroads of the West," a former Salt Lake County sheriff's deputy insisted on selling a Volkswagen once owned by the serial killer Ted Bundy for $25,000. He blitheignored protests from outraged families of the victims. What does all this mean? Has the world been pushed over the brink of sanity? Is it high time for quality time with the family in ye olde fallout shelter? Should we break open the year's supply of MREs, lock and load the ly and set out the Claymores? The answer to this puzzling wave of absurdity may be explained by the lines at city AK-4- 7 U.S. is wrong to sell arms in Latin America Friday's announcement by the Clinton administration that it will lift the ban on sales of high-tecweapons to Latin America is counterproductive for both sides: It undermines the interests of the United States as well as the positive political and economic trends that have taken place in that region during the past decade. Instituted by the Carter administration in 1977, the ban covered sophisticated offensive weapons that had no logical purpose in the arsenal of any country with no external aggressors. That already was true. of virtually every Latin American country. Since the collapse of both the Soviet Union and the Cuban economy two years ago, it has been true in spades. Meanwhile, economic and political reforms in Latin America have significantly curtailed the military sector's power and its historical propensity to barge into the political arena. In some countries the change has been dramatic; Argentina has slashed military spending by 75 percent since it returned to democratic rule 10 years ago. h, high-tick- Wouldn't it be nice if sign stealing and other election-timhigh jinks went on hiatus? Imagine how refreshing it would be this year if candidates refused to stoop to personal attacks and other boorish, childish and unethical e behavior. So let the season begin. May the debates be passionate, vigorous and centered on the issues so truth may prevail. By all means, let's have fun. But to set this silly season apart from previous years, let's be adult about it. Mark Eddington is the Opinions Page editor for The Daily Herald. candles, politicians should ask whether it's time America's government-ru- n pension sys- tem took early retirement. Social Security faces two major crises. The first is financial. Many Americans understand that Social Security will have a hard time paying promised benefits when the baby boom generation retires, but few recognize the magnitude of this fiscal time bomb. According to the Social Security Administration's own numbers, promised benefits over the next 80 years will exceed projected tax revenues by an almost incomprehensible $161 trillion. The good news, so to speak, is that when measure a $161 trillion unfunded liability in today's dollars the shortfall becomes number-cruncher- s smaller. The question is how to close this gap between promised payouts and projected revenues. Defenders of the status quo claim that restoring Social Security's solvency requires simply raising taxes and cutting benefits. But those who think the solution is to tax people more and give them less overlook Social Security's other crisis: It is a rotten deal for w orkers. Almost all young workers today will pay more into Social Security than they will ever get back out. In the parlance of the debate, they will get a Even "negative wind will workers older many up losers. But whether young or old, Americans will reap scandalously low benefits from Social Security compared to what they would get if allowed to invest their payroll taxes in private pensions. As a result, politicians face If they try to solve a catch-22- : the first crisis by raising taxes or cutting benefits, they exacerbate the second crisis by making the system an even more wretched deal for workers. Unfortunately, many politicians seem all too willing to attempt this impossible feat. Instead of playing ." U.S. ernment the Chilean military automatically receives 10 percent of revenues from copper exports and a guaranteed number of seats in the Senate. And as a result of a boom in the economy and in copper prices, the military is itching to spend $700 million or so to purchase some 20 fighter jets, such as Even with the ban in place, sales of conventional weapons to Latin America amounted to $1.7 billion between 1990 and 1996, including $350 million earmarked for the war on drugs. Democracy and economic reform in Latin America are U.S. still sales to Chile or any other country of offensive, expensive weaponry does not advance either. s. This editorial appeared in the Aug. 5 Chicago Tribune. policy-m- should open their minds and learn from other nations. Countries as diverse as Australia, Chile, Great Britain and Singapore are leading a worldwide revolution, switching from government Ponzi schemes to private savings as the best way to provide their senior citizens a safer and more comfortable retirement. The lesson is clear: Privatization works. Each country has a slightly different approach, but the core elements of the privatized systems are identical. Instead of being forced to pay taxes into a government system, workers place a percentage of akers g 1 i nsistent work records or unusuJ ally low earnings are not forg.t-ten- . In Australia, for instance. retirees are guaranteed to receive at least as much as w.i. promised under the old govenjment-ru- n system - regardless how little they were able to save. In most cases, however, privatization means more income: Average-wag- e Australian workers will get about three times as much Ihin the private system as from th old government program. Privatization would lead t equally dramatic results in whether politicians here will America. The big question is have the courage to make thi change. This much i3 certain Social Security in its current form doesn't have too many more birthdays ahead of it. Daniel J. Mitchell is tin McKenna senior fellow in poll ical economy at The Heritagi Foundation, a Washington-basepublic policy research d institute. POLO JEANS COMPANY h i- - " .in i i I- - hi w w.i a J, RALPH LAUREN (Figure m The one exception is Chile, also the most persistent lobbyist in Washington for a lifting of the ban. Thanks to a sweetheart deal worked out by Gen. Augusto Pinochet in 1989 as a condition for his turning over power to a civilian gov- - ' s. th-- income-produf-in- et long-ter- works-in-progres- course by candidates mining for votes. It's reading politica' tracts and learning candidates are using your name for an endorsement. It's a season that ushers out reason and civility and escorts in hype and mudslinging as replacements. Well, here's hoping this political season proves different. Rectitude and rational thinking may take a holiday until after the November election, but that doesn't give candidates and their supporters license to act like children. their income in a private pe n, sion fund. These deposits are invested in assets (stocks, bonds, rea( estate and so forth) where thjv grow over time. Upon retire-ment, workers take this huge! nest egg and use at least pari of it to purchase an annuity that guarantees them a substantial annual income for the rest of their lives. All the privatized systems maintain safety-ne- t programs: to ensure that those with inco- 1J Striped poplin shirt, $58; stretch plaid skirt, $48; tipped-cotto- n sweater vest, $50; M melton-wo- ol pea coat, $295! Figure 2) Thermal tcp, $42; overalls, $93; 4sl packable windbreaker. in $98 at ZCMI. K FT n tn iii ' - u 'lt pi. lit2 k ? 9 |
