Start Saving Now, Because Social Security Is Screwed: New at Reason

The following excerpt is from an article that originally appeared on Hit and Run Reason

iStockThe single largest government program in the United States will soon have an annual budget of $1 trillion a year. Yet even that amount isn’t sufficient to fulfill the promises it has made. If Congress doesn’t address its insolvency issues, payouts will need to be slashed by a quarter starting in fewer than 20 years.

The program is Social Security, and our national pastime seems to be turning a blind eye to its dysfunctions.

The problems with this entitlement aren’t unique. Obamacare is also a mess, while cumulative government spending on Medicare and Medicaid is growing at a faster rate than Social Security is, and eventually will consume a larger share of the economy, writes Veronique de Rugy.

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