If Americans begin doubting the solvency of Social Security, they are falling into the trap of those who want to privatize the best program the government ever created, former Vice President Walter Mondale told the Minnesota AFL-CIO State Retirees Council Monday.

Social Security is solvent as long as the government lives up to its financial and moral promise to finance the Treasury bonds that make up the bulk of the Social Security trust fund, Mondale said. “U.S. Treasury Bonds are the most trustworthy investment in the world,” he said.

“The way to defeat Social Security is to is to the American peoiple that there is nothing there. That it's a worthless, corrupt promise. But the bonds have value. They are IOUs, but they are not worthless.Private investment funds would carve money out of the trust fund and destroy Social Security.”

Mondale's presentation to the union retirees preceded the start of the Minnesota AFL-CIO's annual convention in St. Paul.

Michael Kuchta is editor of The Union Advocate, the official publication of the St. Paul Trades & Labor Assembly.