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I don’t think Social Security will become obsolete. Considering how many private retirement accounts were ruined by the recent recession, I think people still expect some kind of safety net that uses public funds. However, it consumes a massive portion of the US budget, and won’t be able to be sustained without some reforms especially as more people begin to retire.
Massive portion of the US mandated budget, I should say…
Currently Social Security is facing the first time in its history when it will pay out more money than it takes in. This is a problem because it is not sustainable indefinitely. When Social Security runs out of money they will either have to cut benefits or do what every other federal program does; deficit spending.
There is a segment of the population who oppose Social Security on philosophical grounds; they believe the government’s only job is to protect the boarders and private property and that anything else is overreach. The mindset that Social Security is doomed to fail can easily become a self-fulfilling prophecy. Even the most pessimistic estimates have Social Security solvent for the next several decades. Starting now it could be strengthened with small changes but the longer we put it off the more painful the required actions will be. The people who oppose it on philsophical grounds wish to see it fail so their ideology will be vindicated and will oppose any changes to make it solvent.
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