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What Middle Class Entitlement Program?

Readers Report


I assume that the commentary by Paul Magnusson, "Why hit the middle class? That's where the money is" (Top of the News, Mar. 1), was intended to be serious.

How can anyone blithely call social security a "middle-class entitlement program?" Your writers should know that it forms the primary and in many cases the only means of support for retirees who, with their employers, have paid into the program over a lifetime of work.

Similarly, Magnusson's idea of eliminating tax deductibility of mortgage interest would result in a lower valuation of homes (just what we need, another banking crisis) and a significant reduction on the American dream of home ownership. Magnusson goes on to criticize student grants, etc., etc.

As a company whose customer is Middle America, I think Magnusson should better understand the old adage that you do not kill the goose that lays the golden eggs.

Finn M.W. Caspersen

Chairman of the Board

Beneficial Corp.

Wilmington, Del.

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