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Thursday, March 28, 2024

Social Security Is Doomed. Now What?

By The Foundation for Economic Education. Originally published at ValueWalk.

There’s no way to sugar-coat it. Social Security is going to fail. There are, of course, ways to possibly extend its life for a few years, or even decades, but ultimately, like all Ponzi schemes, it will collapse. By the federal government’s and the Social Security Board of Trustees’ own admissions, the Social Security program will be paying out more than it takes in in just 4 years. At current rates (and assuming the federal government fully pays back the more than $5 trillion it “borrowed” from Social Security’s accounts), the program will be completely out of money in about 17 years. What does this situation mean for current working Americans? Is there any way to solve this problem? Join Antony Davies and James Harrigan as they discuss this and more on this week’s episode of Words and Numbers.


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Social Security
By US Government (Social Security Administration) [Public domain], via Wikimedia Commons

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Antony Davies




Antony Davies

Antony Davies is associate professor of economics at Duquesne University and Chief Academic Officer at FreedomTrust.

He is a member of the FEE Faculty Network.

This article was originally published on FEE.org. Read the original article.

The post Social Security Is Doomed. Now What? appeared first on ValueWalk.

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