Dallas Morning News Column - November 19, 2004
The best thing we can do for our kids
12:41 AM CST on Friday, November 19, 2004
By MAHESH SHETTY
The impending deficits in Social Security, if not corrected, can create a huge overhang on the economy in the form of greater interest rates, lower benefits and/or greater taxes.
In the 2000 census over 5 percent of the Collin County population was over 65 years old. That number is expected to grow rapidly as the first of the baby boomer population starts retiring in five years. In the 2004 Collin County budget 8 percent ($8.3 million) has been set aside for health and welfare. This burden will increase and will be passed on to taxpayers in the form of higher property taxes.
Tom Brokaw's book The Greatest Generation described in anecdotal form the sacrifices the World War II generation made and how that made this country the greatest nation on the planet. I see Social Security as an opportunity for the baby boomer generation, often called the "selfish generation," to make sacrifices to ensure that they leave this country in a better shape for our children.
I offer, then, a humble attempt to start the debate and offer up some ideas to address the deficit:
• Increase retirement age: The current retirement age is 65 and is expected to increase to 67 for people born after 1959. I recommend that the retirement age be raised to 72 in increments over the next five years. While unemployment continues to dominate our attention, the real problem over the next few years is expected to be a labor force slow down that will require a greater percentage of the elderly population to be part of the work force. The alternative would be to dramatically increase immigration to ensure continuity of current Social Security benefits.
• Eliminate Social Security benefits if retiree income from other sources exceeds $120,000. In exchange, offer tax credits of $120,000 on estate taxes. This would shift wealth to future generations and reduce the current burden on Social Security.
• Raise the cap on Social Security taxes to $150,000 for baby boomers: This should not be mistaken for a tax increase. Let's call it a contribution by the taxpayers to ensure the financial stability of the economy. Alternatively, baby boomers can elect to opt out of Social Security and contribute the difference into a retirement account.
• Make Social Security contributions tax deductible: Employers deduct their contributions for taxes. There is no reason why taxpayers cannot. If Congress decides to raise the contribution rates or limits, tax deductibility will make it more palatable.
Starting in 2005 the over-65 population in the United States is expected to double to 70 million in 2030. Unlike earlier generations and thanks to the miracles of modern medicine this generation will be healthier and live longer. We can also expect to work longer.
Will this take care of the deficit? Not entirely, but it will make a huge dent and significantly reduce the debt burden we will leave behind for our children. As debt service becomes an increasing part of the national budget, it will reduce our flexibility to improve our society and makes us more susceptible to the political changes in nations that hold our debt. It is time for us to step up and take charge of our own destiny.
Mahesh Shetty is a Richardson finance executive and a Voices of Collin County volunteer columnist. His e-mail address is msshetty@aol.com. Different Voices columnists appear every Friday.
Dallas Morning News Column, December 25, 2004
Do you believe in angels?: They exist, and today we herald a few of Collin County's most generous souls
11:18 AM CST on Saturday, December 25, 2004
We asked our Voices of Collin County volunteers and the readers who sign up for our weekly Sounding Off mailing list to identify the angels among us. On Christmas Day, the height of the giving season, it seems right to shine the spotlight on those people who give of themselves year-round to make their community a better place. These are the people – excuse us, the "angels" – our readers chose to thank for their gift of community service.
Asha Ghate
Asha Ghate is the soul, spirit and the president of the Chinmaya Mission in Dallas. Her yeoman service both in terms of time and money has made a significant difference to the immigrant Indian community in the metroplex.
Religion is a great social adhesive and throughout American history has provided immigrants' comfort, solace and a home as they adjust to the new milieu. Mrs. Ghate recognized this and over a period of 15 years galvanized the community to contribute and participate in creating a mission to educate the immigrant adults and tutor their children in the books and teachings of the Hindu religion. The mission has grown to over 300 families who, together with their children, attend weekly services in a new building in North Dallas.
The teachings revolve around the concept of dharma – "duty to society" – and by giving children a strong moral foundation prepare students to become future leaders of this country. Mrs.Ghate is a living example of Gandhian values in action. Her selfless service, spirit of giving, warm demeanor and piety has been an inspiration to the community.
Mahesh Shetty, Richardson
Dallas Morning News Column December 18, 2004
Question: Looking back on this year, what was the greatest disappointment in your community? 04:55 PM CST on Sunday, December 19, 2004
Mahesh Shetty Richardson finance executive, 45
The failure of the Texas Legislature to pass any meaningful reform on "Robin Hood." Thoughtful parents will readily concede that all children should have equal access to a good education. However, fund transfers that create budget constraints and impact quality can be a self-fulfilling prophecy and will over time make all schools equal – equally mediocre.
Dallas Morning News Column December 24. 2004
It's time to hope for a few of our favorite things
01:36 AM CST on Friday, December 24, 2004
By MAHESH SHETTY
As the year winds down and life slips into second gear during the holidays, it seemed apropos to make a special Christmas wish list and see if Santa would take note. So here is my list in no particular order:
•More shows on television like CBS Sunday Morning and Bill Moyers: easily the most heartwarming and thought-provoking shows on television (apologies to Sopranos fans). They focus on Americana and the American spirit and leave the viewers with a warm feeling that not everything is wrong with the world around us.
Bill Moyers' conversations with Joseph Campbell on the "Power of Myth" should be required viewing for all high school children. His programs always made you think. His retirement merits more attention than Dan Rather's (thank God) departure from evening news.
•I think the FCC should require every news show to end with some good news – it's about time we had more coverage on the 99 percent of the population that is normal. Now that would be news!
•More movie ratings like "Embarrassed," "More Embarrassed," "Not Embarrassed." That would help parents decide if they can truly watch "PG" movies on Disney with their children.
•Intelligent debate: I wish we had informed debate without ideology – are we not all worn out by talking heads shouting at each other in lieu of actually discussing an issue? Whatever happened to the art of listening?
•Recognition for teachers: I wish we could pay our school teachers more – they would then truly have a rewarding profession in lieu of empty platitudes from parents who expect the teachers to do their jobs.
•More brain and less brawn: I wish we celebrated the University of Texas at Dallas chess championship as much, if not more, than UT's appearance in a BCS bowl – intellectual athleticism is no less valuable than the physical kind.
•More of God and less of religion: I wish mankind would recognize that religion is not about establishing the superiority of each God; that killing in the name of any God is sacrilege. I wish we would stop asking God to arbitrate between religions.
•Art of forgiveness: As someone once said, at a certain stage in life, everyone tends to see the value of forgiveness over revenge, love over hate and tolerance over prejudice.
•New emotional elixir: I wish we could mix, bottle and market these emotions – it might make roller coasters redundant. The exhilaration of hitting the gas on open roads with the sun rising behind you casting a warm, golden glow over Mother Nature. The misery of seeing blue lights increasing in noise and size in your rearview mirror. The incredible relief of watching those blue lights speed past you and pull up behind a car in the next lane.
•Picturesque words in speech and print: words that evoke images and allow us to convey our thoughts without a videophone or gestures. Words like in this familiar song from The Sound of Music: "
Raindrops on roses and whiskers on kittens/Wild geese that fly with the moon on their wings/Snowflakes that stay on my nose and eye-lashes/Silver white winters that melt into springs/These are a few of my favorite things"
Are you listening, Santa?
Mahesh Shetty is a Richardson finance executive and a Voices of Collin County volunteer columnist. His e-mail address is msshetty@aol.com. Different Voices columnists appear every Friday.
