From the Philadelphia Enquirer:
The gloomy annual report of the trustees of Social Security has provoked the usual ominous predictions of big trouble ahead. Media accounts spoke of significant deterioration in the financial outlook of the system, and declared it unsustainable unless structural changes were made. The scare words might seem to justify the often-heard prediction that Social Security may last long enough to sustain our current oldsters, but that it is headed for bankruptcy and “won’t be there” for our younger citizens.
Nothing could be further from the truth.
Into the future, Social Security can and will provide wage replacement at about the same level it does now. It does not depend for its resources on an entity that might run out of money, that has no way to raise more, and could go into bankruptcy. The U.S. government has the ability to raise enough revenue to pay out whatever level of Social Security benefits the public wants. In that, Social Security resembles all the other things the government pays for, including the national parks, the Food and Drug Administration, and the Department of Defense. Full article here: