Social Security is one of the nation’s most successful, effective, and popular programs. Most Americans, both young and old, value Social Security and say they don’t mind paying for it. Indeed, young people are tomorrow’s retirees, just as retirees are yesterday’s young people.
But commentators sometimes misrepresent Social Security as just a “transfer from the young to the old,” or exaggerate the challenges it faces.
A mix of tax increases and modest benefit reductions — carefully crafted to shield the neediest recipients and give ample notice to all participants — would put Social Security on a sound financial footing indefinitely.