You know the endless and annoying hysterical script that goes like this:
- OMG Social Security is a Ponzi scheme!
- OMG it’s going broke!
- OMG people live longer!
- OMG fewer workers per retiree!
A little reality:
- Social Security has run a surplus since it began
- has a trust fund in the trillions
- is completely sound for at least 25 more years
- cannot legally borrow so cannot contribute to the deficit, and
- life expectancy is a false issue; people today who reach 65 live about the same number of years as earlier generations. (Our stunning achievement in nearly defeating infant mortality is what changed life expectancy figures.)
Try to memorize this – makes for great dinner table conversation.