The single largest government program in the United States will soon have an annual budget of $1 trillion a year. Yet even that amount isn’t sufficient to fulfill the promises it has made. If Congress doesn’t address its insolvency issues, payouts will need to be slashed by a quarter starting in fewer than 20 years.
The program is Social Security, and our national pastime seems to be turning a blind eye to its dysfunctions.
The problems with this entitlement aren’t unique. Obamacare is also a mess, while cumulative government spending on Medicare and Medicaid is growing at a faster rate than Social Security is, and eventually will consume a larger share of the economy, writes Veronique de Rugy.
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