We have created this mess over a few generations and we have to fix it now.
Didn’t President Reagan already fix Social Security? I have heard that forever. Why are we questing him? He made it so that widows do not get Social Security anymore. Kids stop getting Social Security when they turn 18 instead of 22. He raised the age to 67. If it was not going to work, why didn’t he do more. Now we have to revisit the mess?
Yes, what he and Moynihan accomplished helped, but also created the huge problem of the untrustworthy trust funds. The trust fund approach masked the damaging accounting deficits we were creating, by making the annual cash flow deficits much smaller than the accrual deficits.
Yep, we have to revisit it. And I know it’s a blink of an eye but that was thirty years ago for a massive system.