Social Security: a Reckoning

Understanding what, and who, is to blame for the Social Security funding crisis will allow us to move on and reach a solution that fairly allocates costs amongst current generations. Gov. Christie recently said that pension and health care obligations are "the core problems of government spending in the country."  Federal pension obligations under Social Security now are central to the current fiscal debate.   It seems to me that many, in a casual way, think that the Social Security funding "disaster" is the result of the failure of current generations to adequately provide for their retirement.  That we, in some sense, have been profligate and irresponsible.  That is simply not true, and I think that if we don't understand what is in fact the case, we're not going to be able to fix the problem. The problem with Social Security -- that assets in the "trust" are inadequate to pay benefits -- was a problem created by prior generations.  Prior...(Read Full Article)

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