From Cato @ Liberty:
Social Security turns 71 today. One can argue about whether or not the program was a good idea in 1935, but there should be no question about its inadequacies today. And its flaws just get worse with each passing year.
Social Security will begin running a deficit in just 11 years. Of course, in theory, the Social Security Trust Fund will pay benefits until 2040. That’s not much comfort to today’s 33-year-olds, who will face an automatic 26 percent cut in benefits unless the program is reformed before they retire. …
Let me ponder for a moment that I’m 33, and will reach my (government-accepted) retirement age of 67 in July 2040. Yay, me. Is this the part where I state that leadership is preparing today for what tomorrow will bring, while politics is preparing tomorrow for what yesterday brought? I thought so.