I have heard that alarms have rung over and over again for literally decades now. The calamity warned of a flat-busted Social Security System has been touted as literally a constant in my life. The suggestion from the warning is that someone needs to do something about it so that it doesn’t happen. Elon Musk has called the Social Security System “a Ponzi scheme” and I would not disagree with him. Over 70+ mln retired workers and recipients with disabilities currently get benefits. Current benefactors are having their checks funded by taxing the younger generation’s paychecks. That turns the ability to keep the Social Security system solvent into a demographic issue. The baby boomer generation is now drawing from Social Security and the numbers paying no longer match what is being paid out. It gets worse in the following generation. System solvency is heading toward a cliff where either the metrics for qualifying benefits will need to be changed or the amount being paid out will have to be cut to match existing revenue. The problem exists and is not going to magically disappear by itself. This solvency cliff was always touted as something far off in the distance so…
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