Early voting on the SPLOST program is under way. (I was voter No. 20.) Naysayers notwithstanding, a yes vote is a no-brainer.

1. This is NOT a new tax, just a continuation.

2. Many Hall Countians shop at nonlocal outlets. Even more come from our region shop in Gainesville, adding to the amount collected for our schools.

3. Some of the funds will pay off all the existing bonds we still have, stopping those interest payments.
4. Some will make long-overdue repairs.

5. Our oldest building regularly needing expensive repairs will be replaced.

6. If the stated ceiling is reached before the five years, collections stop automatically.

7. The money must be used for only what the ballot specifically authorizes.

Opponents say a tax not allowed to expire is a tax increase. I fully disagree.

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 Now back to our Social Security problem series.

Social Security soon won't have enough money to pay Hall County's retirees and soon-to-be retirees. It's easy to understand why so many believe the government has borrowed more than $3 trillion from our Social Security Trust Fund to fund other spending. Most don't understand "the rest of the story."

Simply put, the law leaves no choice. Government must invest the trust fund in special government bonds until needed to pay benefits. Bonds by definition are debt on which the government must pay interest. It cashes whatever amount is needed for benefit payments. The government pays that money back, plus interest. The government is us, so we pay the interest part of our benefits to ourselves.

Government indeed has borrowed from the trust fund to pay for appropriations that otherwise could have caused tax increases. Government instead uses that money we're already paying interest on rather than let it sit. Thus taxpayers don't pay interest twice.

Most don't understand the trust fund or that law requires this sole option. Even more don't know two trust funds exist: 85 percent goes to paying benefits to retirees, widows and widowers and their children; the other 15 percent goes into another fund that pays benefits to people with disabilities and their families. Money not used to pay administrative expenses (less than 1 percent) are invested in the government bonds.

Qualification for benefits is earning the required number of credits, 40 for people born in 1929 or after. Ten years of covered work earn 40 credits. The base benefit is based on the average annual earnings. Each year's covered earnings are automatically adjusted to reflect current dollar value. The average is computed by adding the highest 35 years, including zeroes for years of no earnings, divided by 35.

To this average is applied a graduated formula giving greatest weight to the lowest averages and lesser weight to the highest. Thus the lowest income earner receives the highest percent of that average while the highest income earner receives the lowest. The system was designed to provide one-third of expected retirement income, the balance from pensions and savings.

The base benefit is reduced when a worker retires before the normal age 67. One earns increased benefits for working beyond normal retirement age.

Currently, the fund receives more than needed to pay benefits and expenses. That surplus still increases each year, but at a fast, steadily declining rate. Therein is an expensive long range problem: The huge baby boom generation is beginning to retire, accelerating withdrawal rates.
Within about seven years, Social Security tax collections will fall below what's needed. We must start drawing from the fund. It won't take too many years for it to go bust. Benefits cease.

Next in this series: The longer we wait to fix it, the more expensive it will be. Unpopular as it will be, Congress must act. What options are there?

Ted Oglesby is retired associate and opinion page editor of The Times. His columns appear biweekly on Tuesdays and on gainesvilletimes.com. You can reach him at P.O. Box 663, Gainesville, GA 30503.