October 1, 2024
Actually, Social Security can go bankrupt
By
Brenton Smith
It has been more than 40 years since
Congress found common ground on Social Security and implemented a series of necessary reforms. Over that time, the discussion of Social Security has devolved into a shouting match, an exchange of emotionally charged hyperbole in which sound bites have become more important than stone cold facts.
This environment is great for politicians who wish to duck and weave the issue with impunity, less so for the rest of us, because nothing gets done and the problem gets worse. Voters need to think about the role they play in the do-nothing politics of Washington, D.C.
Social Security is the most predictable crisis in human history. We have talked about benefit cuts in the
mid-2030s for years. As a result of all the talk and no action, about half of Americans 80-years-old today will outlive the system’s ability to pay scheduled benefits. In fact, nearly half of these people will live long enough to see Social Security serve as their sole source of income.