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The Second Social Security Crisis

Most people know that Social Security’s finances are a giant mess and we are facing a fiscal crisis. But there’s a second crisis in the program that doesn’t get nearly as much attention.

Economy

The Second Social Security Crisis



If you did man-on-the-street interviews across America and asked people about Social Security, I suspect most of them would have some degree of understanding about the program’s looming fiscal crisis.

Since they’re not policy wonks, they presumably wouldn’t know the magnitude of the problem (not that I blame them since I once underestimated the shortfall by $16 trillion).

I also doubt many of them would be able to explain why the so-called Trust Fund is an accounting fiction, which is understandable since even supposedly knowledgeable people pretend IOUs are real assets.

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