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Social Security’s Crisis is Here
With several disquieting comments summarizing the legislative inaction that has marked Social Security’s advance toward insolvency, EconLib contributor David Henderson speculates that the ability to bank on the nearly $3 trillion maintained in the Social Security Trust Funds has enabled a resolution to be repeatedly deferred. Quoting from Charles Blahous’s August 23, 2018 Defining Ideas article, Henderson writes, “This is very wrong. The crisis is now.”
In his post on www.econlib.org, Henderson captures several of Blahous’s key points and expands on them, in one case using an excerpt from a talk he gave in 2005 at Santa Clara University titled “Social Security: The Nightmare in Your Future.” His excerpt presented a view of the credibility of the Social Security Trust Fund reserves and their investment vehicle–federal treasury bonds.
Henderson also reviews excerpts from Blahous hypothesize on what the future of Social Security might be. All in all, a good read to get one thinking. Check it our here…
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