The Social Security program is projected to face a funding shortfall in just over a decade. To be clear, this is not as big a nightmare as is often described. Even if we hit this date and Congress did nothing, the program would still be paying more than 80% of its scheduled benefits.
Social Security could continue to pay the overwhelming majority of scheduled benefits indefinitely, so the idea that today’s young will end up empty-handed is nonsense. Furthermore, since projected benefits rise each year, today’s young can expect higher benefits than current retirees if nothing is ever done to the program. The horror stories about Social Security running dry are inventions of politicians who want to cut benefits or privatize the program.
But no one wants…
