Commentary Social Security has a problem. As Democrats push to expand entitlements to include free preschool and subsidized child care, little attention is getting paid to the fact that Social Security is a financial trainwreck. “The program’s payouts have exceeded revenue since 2010, but the recent past is nowhere near as grim as the future. According to the latest annual report by Social Security’s trustees, the gap between promised benefits and future payroll tax revenue has reached a staggering $59.8 trillion. That gap is $6.8 trillion larger than just one year earlier. The biggest driver of that move wasn’t Covid-19, but rather a lowering of expected fertility over the coming decades.” – Stark Realities Note the last sentence. When Franklin D. Roosevelt first enacted social security in 1935, the intention was for it to serve as a safety net for the elderly. However, at that time, life expectancy was roughly 60 years of age. Therefore, expectations were that participants would …
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