Thomas J. Donohue, CEO U.S.

Chamber of Commerce 1615 H Street, NW Washington, DC 20062-2000

October 14, 2011

Subject: The Trust Fund Myth at http://www.uschamber.com/issues/retirementpension/socialsecurity/trust-fund-myth. I have the following comments on the article in your web page. Social Security Trust Fund (SSTF) bonds are nothing more than IOUs that we owe to ourselves. As described in the enclosed Letter to the SSTF, these bonds are non-marketable Special Issue Securities that are used to calculate the Special Interest on the money that the SSTF has loaned to our Federal Government. Pay-As-You-Go System: Social Security has the standard pension system structure (see enclosed Letter to the SSTF) and is an alternative to the pension systems offered by Fidelity Investments, J.P. Morgan Chase, Bank of America/Merrill Lynch, Massachusetts Mutual, and others. In all cases the number of workers needs to be small relative to the number of retirees getting benefits. An obvious conclusion is that the eligibility age needs to be increased to allow for our aging population. No Cash is Being Saved: As pointed out in the enclosed Letter to the SSTF, the cash has been loaned to our Federal Government at an interest rate equivalent to that for United States Treasury Bonds held by the public. Your article states that when Uncle Sam goes to repay those IOUs. To my knowledge Politicians will not pay back the loans from the SSTF nor the loans from the public. Your article states that to keep the system afloat payroll taxes will have to be rise to 20 per cent of each workers wages. This assumes Politicians will do nothing to strengthen Social Security. How the Social Security Trust Fund Differs from Real Trust Funds. This is explained in the first paragraph. Your article states that at some point Social Security will need to spend more than it receives in payroll taxes This assumes Politicians will do nothing to strengthen Social Security. Your article does not address the Ponzi Scheme that is threatening our Social Security. The opposite of Soclal Security is Social Chaos. Our Military is assigned to protect us from enemies outside our borders, and our justice system is assigned to protect us from enemies within our borders. My research indicates that the Federal Government Politicians who control our justice system are essentially unaccountable white collar criminals. Their Ponzi Scheme begins by providing income to adult American voters who are either Pathetic, Ignorant or Apathetic. The adults provide votes in exchange for this income. The Politicians do not disclose that some of the income will be interest payments generated by imposing Federal Debt on the children and grandchildren of the adults. The Federal Debt is called a United States Treasury Bond. When imposing this debt the Politicians provide tax breaks to Special Interests in exchange for campaign contributions. One of the most important Special Interest groups is called the Wealthy. This Ponzi scheme is also called Federal Government Deficit Spending. For additional details I recommend contacting Americas Nobel Prize winning economists. The televised State of the Union Address provides an opportunity to observe the faces of these white collar criminals. TV Networks also sponsor Sunday morning talk shows promoting the criminals as respectable human beings. Examples include Unaccountable White Collar Criminals Meet the Press, This Week with the Unaccountable White Collar Criminals, and Unaccountable White Collar Criminals Face the Nation. Feel free to contact me if you need additional information. Michael F. Patterson 6115 Fairlane Drive Clarence Center, NY 14032 Cc: David Ignatious, Washington Post Writers Group Prof. Neill Ferguson, Harvard University Bob Schieffer, CBS News Federal Reserve Board of Governors E.J. Dionne, Washington Post Writers Group Melanie Sloan, Executive Director, CREW Prof. Roger Meiners, Univ. Texas Philosophers Roundtable at the Wellsboro Diner The McLaughlin Group Christiane Amanpour, ABC News David Gregory, NBC News Justice John Roberts Jr., U.S. Supreme Court Susan N. Herman, President ACLU Prof. Paul Krugman, Princeton University Prof. John Taylor, Stanford University Prof. Peter Diamond, MIT