Social Security: Benefits Outweigh Its Problems  Social
Security: Benefits Outweigh Its Problems  None of the points
raised in the opinion-page article ''Privatize Social
Security,'' July 13, mentions unmitigated benefits to workers
who switch to proposed personal investment plans.  First, since
consumption by retirees comes from the production of
contemporary workers rather than from the production of the
retirees during their working years, savings by workers will not
necessarily ensure an adequate income when they retire. Second,
if billions of dollars are redirected away from the federal
government into private hands, the federal government will
simply borrow those billions elsewhere, resulting in no decrease
in interest rates or increase in economic growth. Third, under a
privatized system retirement accumulations would be reduced by
premiums for death and disability insurance provided
automatically under Social Security.  Recommended: Could you
pass a US citizenship test?  Although improvement is certai