SS alone represents an unfunded liability of $13 trillion. The status quo is not an option. Congress will have to do something to keep these programs alive. They can do it either by increasing taxes and decreasing benefits like they did in 1983 or they can implement real reform by restructuring these programs, e.g., personal accounts and privatizing most of SS.
In 1950, there were 16 workers paying Social Security taxes for every retired person receiving benefits. Today there are 3.3. By 2030, there will be only 2. 48 million Americans receive Social Security benefits, including 33 million retirees, 7 million survivors, and 8 million disabled workers. By 2030, there will be 70 million Americans of retirement age--twice as many as today.
Yep. It's pain now or pain later - any way you look at it, there's going to be pain thanks to FDR and Johnson and years of political cowardice from the republican party. Believe me, I know, I was up there when our great minority leader was Bob Michael. Talk about the wilderness! Jim Wright walked all over us - and with his smarmy smile!
It wasn't until Newt showed up did we have any hope and it took him years to help us believe again. Now we've seemed to have slipped right back into the "Michael" days. UGH!