Social Security is often discussed as a future solvency problem. The debate usually focuses on the year the trust fund will be depleted and on the benefit cuts that would follow under current law. But the paper under discussion argues that this framing misses an important point. Social Security is already affecting the federal budget. Since 2010, the program has run persistent cash-flow deficits, requiring the Treasury to borrow from the public to finance benefit payments.
Social Security’s R...
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