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Social Security and Slashing the Deficit

November 21, 1987

I wholeheartedly agree with your editorial castigating the retirees lobby for pressuring Congress to leave intact the ruinous Social Security cost-of-living increases in our federal budget. You most perceptively pointed out that all must make sacrifices to signal Wall Street that we will get the budget under control. What would those old people do with an extra $20 a month anyhow? Probably blow it on prescription drugs or a meal at a cheap restaurant.

The stock market, on the other hand, is a most productive and hallowed American institution. Where else can a 28 year old make a six-figure salary for shuffling paper and passing out poor investment advice? Or a millionaire pretend to take over a company with the sole intent of driving the stock price up for a quick, honest profit? Where else can program traders reap tens of thousands of dollars through computer trades which take advantage of minor stock price fluctuations? This is productive America working at its very best. We must not allow a bunch of old folks and their rapacious greed to jeopardize the stock market!

LAURENCE P. COLBURN

Lancaster

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