"...But the U.S. Treasury is currently running at a massive deficit and is over $20 trillion in debt, so, for it to repay the principal of the debt and the interest owed to the Social Security Administration when payroll tax receipts fail to meet Social Security's obligations, the Treasury has to borrow more money to pay those obligations.
And how do they do that? By issuing more federal debt, of course.
Billions upon billions of debt.
...Government was fine with this arrangement in decades past.
In fact, government couldn't have been happier about it.
It was free money in exchange for IOUs that some other schmucks (i.e., me, my kids, and my grandkids) will have to pay for.
But now the reckoning for Social Security is nigh.
The debt is coming due, and the fiscal irresponsibility of the past is becoming ever more exposed.
No one has a perfect answer about what to do to fix Social Security.
When something is so fundamentally broken, so fiscally incomprehensible, so distant from the intended form of governance among a free people, and when such a thing has existed for so long, how might one seek to fix it?
Perhaps the only answer is to undo its wrongs to the greatest extent possible.
Veronique de Rugy has a fairly simple suggestion:...
Read on!
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