The current Social Security (aka “socialist insecurity”) system is designed as a pay-as-you-go system, in which current workers’ tax dollars pay for the benefits of retirees. And the system is in serious trouble. With increased life expectancy and a declining birth rate, there are fewer workers to support a greater number of retirees. In 1950, there were 16 workers paying for the benefits of one retiree. Today, there are about three workers per retiree, and by 2025 there will only be two. According to the Social Security Administration itself, if unreformed, Social Security will begin running a deficit by 2017, and by 2060 Social Security and Medicare combined will make up 71 percent of the federal budget.
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