The Entitlements Apocalypse Looms

There's a storm coming. It been coming for forty years. And now it's almost here. But nobody cares.

Social Security has always been a Ponzi scheme. Under the guise of "paying in" to your Social Security "account"…

And maybe it could have remained sustainable, had conditions not changed over the years. Such as benefits levels incessantly rising, and other entitlement programs, like Medicare and Medicaid, being enacted, and the overall metastasization of the welfare state, and the ballooning, exploding national debt, and most of all, the rise in both living standards and natural life expectancy. The retirement age has always been sixty-five since Social Security was created in 1935. But the average American life expectancy in that year was sixty-one. The program was initially set up so that most people would not live long enough to collect government retirement benefits. That made it actuarialy sound - or, in more familiar terms, fiscally sustainable. But as the years passed, average American life expectancy grew - sixty three in 1940, sixty eight in 1950, seventy in 1960, seventy one in 1970, seventy four in 1980. As a result, the population of Social Security recipients grew and grew and grew to the point where the program was losing its sustainability. Benefits outlays were outstripping payroll (FICA) tax inflows.