A wonderful graphic by Third Way is available here showing the path of Social Security towards insolvency.

Jim Kessler and David Kendall advocate:

“a ‘Savings-Led’ Social Security reform plan that actually increases the program�s progressivity. Our plan makes roughly two dollars in benefit reductions for every one dollar in revenue increases, and achieves solvency while enhancing economic growth.”

I am highly skeptical this proposal can achieve what it claims and I oppose these policy measures. Instead, I advocate allowing individuals to choose where to place their savings rather than rigging up a scheme to coercively attempt to make the Titanic float.

HT: William Shughart II