Cox’s Proposals Way Off the Mark

* Rep. Christopher Cox’s Feb. 21 Orange County Voices article reads like a rehash of the proposals presented by Newt Gingrich and the Republican Party’s “Contract with America.” That really was a contract to steal from the poor, the working class and elderly and give to the rich.

What Cox is suggesting is that the U.S. securities that the Social Security Trust Fund are invested in are basically worthless. However, most investment houses and banks count them as the most secure investments that can be made.

If the deficit has affected the trustworthiness of the securities, prior Congresses and the one that Cox now serves in must shoulder that responsibility and find a solution that is acceptable to us all.

Cox suggested each of us exercise our abilities as investors and invest our contribution to Social Security as we so desire in equities, bonds, limited partnerships, etc.

I am sure the stock market brokers, investment bankers and every scam artist in the world are just wringing their hands with joy at the thought of getting at these funds. And I am also sure that none of them live in Cox’s district, the Newport Beach area.

No, I reject his suggestion of being self-serving and shortsighted. What would happen to the retirees who fail to make prudent investments? Would they starve? What would happen to the widows and orphans who rely on Social Security for minimum subsistence?

Almost daily one can read of investment frauds that are perpetrated on our society by slick investment hyping crooks. Are we to give them access to the Social Security trust funds? I sincerely hope not.

I also am unhappy with President Clinton’s proposal on Social Security. Clinton will propose whatever he believes is popular. This is not the way problems have been successfully solved in our great country.

DONALD WILLIAMS

Huntington Beach